Advice In Chosing A Financial Vehicle.
Your expert advice is needed.
Objective: Purchase a Multi-Family Residence for investment.
Financing: Use equity in existing SFR as DP on MFR.
Existing mtg.=300k fixed @ 5.5% for 30yrs
Heloc=100k curr. 7%
Est. SFR appraisal value ~1.0M
I need a strategy for obtaining the best financing possible at current IR. With IRs on the rise I feel that not acting now will cost me more $ in the long run. I am looking for a fixed rate loan in the amount of 800k of which 400k would be used as the DP on the MFR.
At current rates should I roll my mtg into one?
Take a 2nd mtg? If so what are current rates for 2nd mtg? How are 2nd mtg IR determined?
Home Equity Line?
What are my options?
Where do I start?
Who are the best people to talk to?
Your help is most apprectiated!
~mic
Objective: Purchase a Multi-Family Residence for investment.
Financing: Use equity in existing SFR as DP on MFR.
Existing mtg.=300k fixed @ 5.5% for 30yrs
Heloc=100k curr. 7%
Est. SFR appraisal value ~1.0M
I need a strategy for obtaining the best financing possible at current IR. With IRs on the rise I feel that not acting now will cost me more $ in the long run. I am looking for a fixed rate loan in the amount of 800k of which 400k would be used as the DP on the MFR.
At current rates should I roll my mtg into one?
Take a 2nd mtg? If so what are current rates for 2nd mtg? How are 2nd mtg IR determined?
Home Equity Line?
What are my options?
Where do I start?
Who are the best people to talk to?
Your help is most apprectiated!
~mic
Comments(0)
Talk to your present lender about a HUD Multifamily Property loan. Than is one source. Your present situation on mortgage is good Taking a second is better in my opinion than using your HELOC. Take a second for maximun bank loan to get downpayment on Multifamily. Hud has programs for investors on Multifamily.