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My wife and I are looking for some feedback. Our question is, what can we expect from the bank. We are using Monson Savings Bank, a local bank that has the lowest rates in the area. My wife has her current mortgage under them (& soon to be Refi), and I previously had a 2nd mortgage with them which paid off. So we have a history with them.
She has a closing date for a Refi on 3/29/13 (going from a 30yr @5.25% to a 15yr @2.56%). I am not on the deed. We are signing a purchase and sales agreement on 3/25/13 for a two family investment property with a sale price of $116,000 and a 60 day closing. We will be applying for a 15yr @2.56% throwing down 25% for a down payment. Both of us will be on the deed. The property has a potential CAP rate of 12.75% and a potential annual CASH FLOW BEFORE TAXED of $10,320 (both are with conservative calculations).
I have a TransUnion credit score of 747 and her score is 759. We have a combined gross income of $108,000. We both have favorable debt to income ratios since we live within out means.
She has owned her home for just short of 4yrs and has been employed by the same company for 7yrs and 8months.
I had previously owned a rental property from 2009-2012 which I sold to cash out. I do not currently own any homes.
I have just started working for a new company, a municipality, (only weeks) but have been in the same industry for 4yrs.
If I missed anything just let me know. Thanks in advance.
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