From: Donald Sievers 
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: Newbie Q about fixed interest rates and 20 yr amortization loan
Date: Thu, 10 May 2007 22:00:10 GMT

Do you know what the LTV (loan to value) was for that loan offer ?

9.25 is not too bad for investment property.  However, having it fixed
for only 3 years would worry me. That means it was either a 3/27 or
3/17. That means the rate could change drastically after 3 years.

You should be able to get a zero or one year prepayment penalty.

Send me an email and tell me what you actually want to accomplish.

I am a loan officer. We are licensed in all 50 states.

Donald Sievers


On 22 Mar 2007 15:30:12 -0700, lakepeir@yahoo.com wrote:

>Hello,
>
>I have an offer accepted on some investment property that I would like
>to buy.  I sent the offer to purchase to my bank and they came back
>and said I was approved for a 3 year fixed 20 year amortization loan
>at 9.25% interest rate.  I orginally asked for a 10 year loan with the
>option to pay off the loan early.  I think the interest rate is very
>high and the 20 year amortization can possibly change the interest
>rate.  Can someone offer me advice?  Thanks.