365: Mortgage Rates Drop Full 1% For Income Property with Caeli Ridge
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 4 October 2021
⏱️ 43 minutes
🧾️ Download transcript
Summary
Learn how to qualify for an income property loan today.
We discuss what just made mortgage interest rates for investment property drop 1% overnight.
First, I discuss the difference between adequate safety vs. too much safety for tenants in investment properties.
Too many safety regulations have a cost that gets passed onto tenants and even increases homelessness.
Caeli Ridge, President of Ridge Lending Group joins me.
A few weeks ago, mortgage interest rates for income property fell a full 1% due to the suspension of added risk layers that were added back in March.
For an income property loan, you need: 1) 15-20% down payment and ~4% closing costs. 2) Credit score of 680 or better, 3) Show sourced & seasoned liquid assets, and 4) 50% maximum debt-to-income ratio.
There are pros and cons of paying monthly PMI.
Today’s “typical” income property interest rate = 3.75%.
What happens when you try to get more than 10 income property loans? We discuss the terms, called “non-QM” loans.
Get started on your income property loan at: www.RidgeLendingGroup.com
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Transcript
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| 0:00.0 | Welcome to GRE. I'm your host Keith Weinhold. A penny saved is a penny earned. That's a quote attributed to Benjamin Franklin in today's landscape. I wonder if you would have said a penny borrowed is a penny leveraged. We're talking about today's mortgage lending landscape for investment property and what made interest rates suddenly drop a full 1% |
| 0:22.7 | today on get rich education you can get a 50 year old house somewhere or buy a new one directly |
| 0:31.9 | from the builder with tenant resilient amenities already built in with over 3,000 Florida units at different construction |
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| 0:51.0 | build the number two, rent direct.com, or text 407 927 5074. Hey, is your IRA in a real |
| 1:01.7 | estate syndication? Yikes, a 37% Ubit tax could hit you, but you still have a chance to set up your |
| 1:08.2 | EQRP and avoid this. Did you make too much money in 2020 and |
| 1:12.4 | need more deductions? Now federal law lets you set up an EQRP in 2021 and get deductions for last |
| 1:19.1 | year. Yeah, retroactively. Even put old IRA and 401k money in Bitcoin, gold or your own business, |
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| 1:27.7 | tax and penalty-free. |
| 1:29.3 | Text EQRP in all-capital letters to $72,000. |
| 1:35.5 | You're listening to the show |
| 1:37.0 | that has created more financial freedom |
| 1:39.4 | than nearly any show in the world. |
| 1:42.8 | This is Get Rich Education. |
| 1:58.4 | Welcome to GRE from Wilmington, North Carolina to Wilmington, Delaware, and across 188 |
| 2:03.2 | nations worldwide. I'm Keith Weinhold. This is Get Rush to Education. Sometimes interest |
| 2:08.9 | rates are so low for so long, like they have been lately, that you can get lulled to sleep |
| 2:15.3 | and get distracted by maybe other real estate news and finance items or just |
| 2:20.7 | some other things that are going on in your life. And you kind of tell yourself, yeah, I'll get |
... |
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