[ljinvestor]

Most insurance carriers will offer to bind coverage at $1MM or less if you submit the initial premium at time of application. I’m guessing that this is what’s going on in your situation but you should ask your agent why they collect the premium. You should also have a free look period once the contract is issued if you don’t agree with any of the language.

[ljinvestor]

Term4sale.com is another quote engine that shows many carriers. A 35yo runs approx $450 for $1MM of 20yr term at best class…goes up by almost $200 at next health class down

[ljinvestor]

I’m in the business and would say go with the 20yr term. Don’t see any reason to pay extra cost of 25 or 30 year when with most carriers you can convert before the end of 20th year at today’s health rating if coverage is still needed

[ljinvestor]

If it’s conforming then 30 or 40yr fixed is usually lower than ARM except for the 5/1. If jumbo then the 5, 7, & 10yr ARMs look better than fixed especially if one wants IO.

[ljinvestor]

Whole life policies are going to vary by company and depends if they were initially overfunded or min funded, but generally if one stops funding earlier than the initial design or skips a few years premium then it wont look near as good.

For those focused more on accumulation, they should purchase min death benefit and a high early cash value product that has good contractual guaranteed rate. Agents don’t get paid very well on those because commission is mainly based on death benefit, but it gives the client a lot more flexibility.

Life insurance can be a great planning tool but it’s very disappointing to see how often it is not structured properly.

[ljinvestor]

I have received 2 or 3 similar letters from this person in the recent past but why would I even consider giving him my money when I can do this on my own and keep all the returns?

If he is so good at what he does then he would already have a few long term loyal investors and wouldn’t need to mass market.

[ljinvestor]

Matt- Are the refi rates owner occupied or investment property?

[ljinvestor]

Just ask a mortgage broker instead of going out to direct lenders, or find a property you can pay all cash for.

[ljinvestor]

1.5 pts on $407k is $6,105

[ljinvestor]

IMO I wouldn’t use amerisave. Just check out their reviews.

[ljinvestor]

I was also going to recommend aimloan.com as I have had positive experiences with them on investment property loans and they can do business in NC.

You mentioned $265k loan balance and if you have great credit scores and LTV of 80% or less then you aimloan is currently showing 4% on 30yr with only a couple hundred dollars closing costs

For Penfed you have to be a member but you can join an association for $15-$20 to qualify.

[ljinvestor]

Former SD- Why not use PenFed.org They have a 5/5 ARM at 3% and will cover your closing costs up to $10k. The rate can only increase by a max of 2% every 5yrs with lifetime max adjustment of 5%. So worst case scenario your rate would be 5% yrs 6-10 and hopefully you will be back in SD way before 10yrs.

I have used Penfed a couple of times and pretty easy to deal with. Guessing with rates so low that refi would currently take 60-90 days.

[ljinvestor]

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[ljinvestor]

That is in reference to Sellers agent and a very unique scenario. Its the first I’ve heard of a buyers agent asking for less while not discounting the difference off the purchase price.

It really doesn’t make sense because if they didn’t reduce the purchase price by that 1% then the discount agent should have taken the extrra 1% and rebated more to buyer.

Couldn’t your co-worker have said no to the 4/2 split and asked it to be 3/2?

[ljinvestor]

IMO, you just need to find a buyers agent you can trust and let them collect the 2-3% that the sellers offer them. If anything, agents are more concerned with closing a deal then selling you something for more or less. You have the final decision of going through with the deal or not.

If you are looking at $500k purchase then at 2.5% they gross $12,500. Do you really think most buyers agents are more concerned with making you pay $25k more for the property so they can gross another $625 vs just trying to close a deal that’s fair. Bottom Line…I really don’t care how much my realtor makes on my purchases as long as they get me the price I am willing to purchase at.

[Author]

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