Would like to hear from a Mortgage Specialist?
by Mortgage Rates on Saturday, September 18th, 2010 | 1 Comment
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That is great that you have an open line of credit, but we are at the lowest rates we have had in over 33 years! The rate you have on the Libor is great, but as you said it is adjustable and what is the cap on it. Cash is really only an advantage if you are buying a major fixer upper and can not secure a loan on the property. To the seller, a loan on the property vs cash is the same…they still get cash. You will not be able to refinance right away because most mortgage lenders require a specific amount of time owning the property prior to refinancing. A mortgage approval really does not take long if you are working with a professional who has a banking warehouse line When you apply for the mortgage the equity line will be paid down again. The best bet with the line you have is 20$ down payment and a 30 year fixed rate loan if you qualify for the payment and have good credit. Your first step as should be with every buyer is to sit down with a loan professional who has experience in both loans and real estate sales and get your loan approved, THEN…go find the property. A buyer should NEVER even look at homes prior to understanding the closing costs, the monthly costs and the way they want to have their agent write up the offer.