Nothing is fixed for 10 years. Most are fixed for 5 years with a balloon after 10.
Some lenders will charge a point to extend after 10 years, others will insist on a complete refinance with the hassle of appraisal etc.
CHASE Commercial Term Lending (“CTL”) is completely separate from their branch that lends on 1-4 units. I suspect that all their 1-4 unit loans are sold to Fannie Mae or so.
lol. do NOT agree with that, there are far worse states with no cities that are even appealing to go to. At least Texas has a lot of diversity and culture in it’s cities.
Surprisingly, diversity is higher than in California, at least in Austin. I walked into a 85 in Cupertino, mostly Chinese. Walked into a 85 in Cedar Park-Austin, 25% Asians, rest are Whites, Hispanics, Blacks, Middle Eastern… Ditto for H-Mart and New Fortune (dim sum).
Were you born and raised in Texas? Its housing price is doing better than SF. What’s the reason for the rapid appreciation last year?
" The median home value in Midland is $259,000. Midland home values have **gone up 22.6% over the past year and Zillow predicts they will rise 10.3% within the next year. The median list price per square foot in Midland is $150, which is higher than the Midland Metroaverage of $149. The median price of homes currently listed in Midland is $319,000."
“The median home value in San Francisco is $1,365,700. San Francisco home values have gone up 4.2% over the past year and Zillow predicts they will rise 2.9% within the next year. The median list price per square foot in San Francisco is $1,062, which is higher than the San Francisco-Oakland-Hayward Metro average of $491. The median price of homes currently listed in San Francisco is $1,295,000 while the median price of homes that sold is $1,304,200. The median rent price in San Francisco is $4,495, which is higher than the San Francisco-Oakland-Hayward Metro median of $3,300.”