Interest Rate Scenarios

The following is the class I taught on July 7th, 2016 in Fort Collins on how interest rates affect Nomad.

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Often for Nomads it is better to pay a one-time up front PMI (Private Mortgage Insurance) payment instead of monthly PMI on their loans.

This may mean coming to Closing with a little more cash.

Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.

Discuss these two scenarios with your Lender to see which one makes more sense to you.

Mark this task complete once you've discussed this with your Lender and decided which you'll pick.

Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalPrivate Mortgage InsuranceUltimate Nomad ChecklistWeek 10

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Talk to your Lender to see if buying down your interest rate makes sense in your specific situation.

Sometimes, especially if you have extra cash and you plan to hold the property for a long time, it makes sense to pay additional points to get a lower interest rate.

Mark this task complete once you've talked to your Lender about these options, analyzed them yourself and decided to buy down your interest rate or not.

Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

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Sometimes if you have extra cash for down payment it might make sense to increase down payment.

We often consider this as an alternative to to paying up-front PMI or buying down the interest rate. If we're putting less than 20% down, one way to lower our monthly payment is to put more down to get rid of PMI instead of paying the PMI up-front.

Mark this task as complete when you've talked to your Lender about using a larger down payment and decided whether you will or not.

Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineDown PaymentFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

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Watch the recording of the live presentation of "Interest Rate Scenarios for Nomads" available on:

https://LearnToBeRich.com/interest-rate-scenarios/

Mark this task as complete once you've watched it.

ClassesFinancingInterest RateUltimate Nomad ChecklistWeek 18

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