If you know me well, you know that I’m all about checklists for EVERY aspect of this business. Investing in my own real estate portfolio is certainly no exception!
During a negotiation, it’s more important what the research says than what the seller says. If I have to go for a new loan, I want to understand it for myself; remember it is more important to achieve the right terms than the right price.
- Discount fee (points)_____________________________________________
- Prepayment penalty terms, if any___________________________________
- Mortgage assumption option, if any_________________________________
- Garbage fees for drawing papers___________________________________
- Appraisal fees__________________________________________________
- Interest rate: fixed or variable _______________________________________
- If variable: Index_________________ Max__________________________
Margin__________________________ Min__________________________
- Assignment fee, if appropriate________________________________________
- Length of commitment period________________________________________
- Balloon payments, if any___________________________________________
- Size and number of escrow or impound accounts required at settlement and monthly payments ____________________________________________________________
- Other fees_________________________________________________________
- Personal liability clause_______________________________________________
- What does the lender require regarding:__________________________________
- Fire insurance______________________________________________________
- Title insurance ______________________________________________________
- Survey ____________________________________________________________
- Termite inspection and certification _______________________________________
- Flood insurance_____________________________________________________
- Mortgage insurance premium__________________________________________
- Subordination clause________________________________________________
ADDITIONAL NOTES ON FINANCING:
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