~Consolidating CC Bills With Mortgage. Any Advice?~
I just bought a single family residence (closing tomorrow) that I plan on renting out. I have financed 100% with an 80/20 loan. The 80 is a 5/1 ARM and the 20 is adjustable. They appraised the house at $13K above my purchase price. Would it be possible to get the $13K to consolidate all of my current CC bills without having to do refinance and pay another round of closing costs/fees? If so, how would I go about it? Would I ask the lender who is doing the 80% of my current loan for an equity line of credit or equity loan? Any advice would be greatly appreciated. I will be going to the title company tomorrow to sign the papers for the house. TIA for your replies.
go to the 80% lender, they should still have the apprasil and should be able to minimise some of the expences. it will cost you a higher rate any time you are over 80%. besides rates are climbing again
John