How to approach the bank about my pre-approval letter Submitted by [deleted] t3_z82yb4 on November 29, 2022 at 7:08 PM in personalfinance [deleted] 6 comments 0
Werewolfdad t1_iy9j643 wrote on November 29, 2022 at 7:33 PM >When should I go and get this approval letter? When you're ready to put in offers. >As long as I pass the 3:1 ratio test I’m sure I’m in the clear but I’d like to maximize my chances of getting a big loan? Downpayment will be the limiting factor for investment real estate Permalink 4
uber_neutrino t1_iy9nz1r wrote on November 29, 2022 at 8:03 PM You may be under estimating how much cash you need to bring to the table depending on what you are buying. Permalink 4 Former_Outcome9404 t1_iy9qgnm wrote on November 29, 2022 at 8:19 PM I know the amount of cash down determines the size of the loan for sure but as it stands I plan on house hacking and qualifying for FHA loan Permalink Parent 1 uber_neutrino t1_iy9r00o wrote on November 29, 2022 at 8:22 PM So it's not an investment property it's going to be a residence. Planning on maybe a 4 plex? Permalink Parent 3 Former_Outcome9404 t1_iy9r2h8 wrote on November 29, 2022 at 8:23 PM Correct Permalink Parent 1 uber_neutrino t1_iy9rbyp wrote on November 29, 2022 at 8:24 PM Makes sense if you can pull it off. Interest rates are way up now though so make sure you double check all your numbers. Permalink Parent 1
Former_Outcome9404 t1_iy9qgnm wrote on November 29, 2022 at 8:19 PM I know the amount of cash down determines the size of the loan for sure but as it stands I plan on house hacking and qualifying for FHA loan Permalink Parent 1 uber_neutrino t1_iy9r00o wrote on November 29, 2022 at 8:22 PM So it's not an investment property it's going to be a residence. Planning on maybe a 4 plex? Permalink Parent 3 Former_Outcome9404 t1_iy9r2h8 wrote on November 29, 2022 at 8:23 PM Correct Permalink Parent 1 uber_neutrino t1_iy9rbyp wrote on November 29, 2022 at 8:24 PM Makes sense if you can pull it off. Interest rates are way up now though so make sure you double check all your numbers. Permalink Parent 1
uber_neutrino t1_iy9r00o wrote on November 29, 2022 at 8:22 PM So it's not an investment property it's going to be a residence. Planning on maybe a 4 plex? Permalink Parent 3 Former_Outcome9404 t1_iy9r2h8 wrote on November 29, 2022 at 8:23 PM Correct Permalink Parent 1 uber_neutrino t1_iy9rbyp wrote on November 29, 2022 at 8:24 PM Makes sense if you can pull it off. Interest rates are way up now though so make sure you double check all your numbers. Permalink Parent 1
Former_Outcome9404 t1_iy9r2h8 wrote on November 29, 2022 at 8:23 PM Correct Permalink Parent 1 uber_neutrino t1_iy9rbyp wrote on November 29, 2022 at 8:24 PM Makes sense if you can pull it off. Interest rates are way up now though so make sure you double check all your numbers. Permalink Parent 1
uber_neutrino t1_iy9rbyp wrote on November 29, 2022 at 8:24 PM Makes sense if you can pull it off. Interest rates are way up now though so make sure you double check all your numbers. Permalink Parent 1
Werewolfdad t1_iy9j643 wrote
>When should I go and get this approval letter?
When you're ready to put in offers.
>As long as I pass the 3:1 ratio test I’m sure I’m in the clear but I’d like to maximize my chances of getting a big loan?
Downpayment will be the limiting factor for investment real estate