323: How To Qualify For A Mortgage Today with Caeli Ridge
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 14 December 2020
⏱️ 39 minutes
🧾️ Download transcript
Summary
The deal is the debt. Why? Because mortgage rates are at all-time lows. People are buying property like crazy.
Learn why 30-year fixed rate mortgages are a great deal for the borrower and a bad deal for the lender.
Caeli Ridge, President of Ridge Lending Group, tells us about qualifying for income property loans today.
Your first 10 loans single / 20 loans married for 1-4 unit properties have the best rates and terms: 20-25% down, 50% max. DTI, super low interest rates.
For more loans, called “non-QM” loans: $135K minimum size, 75% LTV, higher interest rates.
Opinion: Fannie & Freddie will stay in conservatorship, keeping mortgage rates low.
Conforming loan limits will increase from $510,400 to $548,250 (SFH), and higher for 2-4 unit properties.
Rate & term refinances - SFH: 80% LTV | 2-4 unit: 75% LTV
Cash out refinance terms - SFH: 75% LTV | 2-4 unit: 70% LTV
We get an update on appraisal climate. I educate you on the three appraisal approaches: cost, income, comparison.
Ridge does loans in 43 of the 50 states, all except: AK, ME, ND, NY, VT, WV, WY.
Resources mentioned:
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(855)747-4343
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. What does it take to qualify for a mortgage loan on investment property now? I've got a crucial update for you as the president of one of America's top lenders joins me today. Interest rates have never been lower in national history than they've been this year. We're talking about what it takes for you to get them today on Get Rich Education. |
| 0:23.6 | The people that our listeners can't stop talking about are Ridge Lending Group and |
| 0:27.6 | MLS 42056. |
| 0:29.6 | They provided you with more loans than anyone. |
| 0:31.6 | It's where I got my last few loans, and they finance single-family income property up to four plexes. |
| 0:38.0 | They're the number one lender for both beginners and veterans. |
| 0:41.4 | Start your pre-qualification, chat with President Chaley Ridge personally, and you'll end up with |
| 0:45.8 | your custom plan for expanding your cash-blowing portfolio. |
| 0:49.2 | Start at ridglinggroup.com. |
| 0:55.2 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:02.6 | This is Get Rich Education. |
| 1:05.7 | Thank you. Hey, you're inside Gare. |
| 1:19.9 | I'm your host, Keith Winehold. |
| 1:21.0 | And when we're talking about what it takes for you to control an income property, |
| 1:25.4 | consider that you're not qualifying to buy the property as much as you are |
| 1:30.1 | qualifying for a loan that will then secure that property for you. Like I quickly mentioned last month, |
| 1:37.1 | real estate by itself is not an asset, but real estate derivatives are like a mortgage and a lease, and those derivatives are what |
| 1:47.0 | turn your real estate into an asset then. You see, generally, as far as your real estate's |
| 1:52.8 | capital value goes, as far as realizing any gain that appreciation gives you, you need |
| 1:59.8 | debt. If you don't have debt, you're only preserving your wealth. |
| 2:04.1 | Debt allows you to grow your wealth. And since you can make a 20% down payment and borrow 80% from |
| 2:11.4 | the bank and yet enjoy the appreciation on the entire property, well then a loan makes you five times larger than you really are |
... |
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