closed yet doing the attorney reviews what is my best option. waiting til i move and get a refinance loan or a rehab loan?
Hi Lauren
I mistyped Gerry's info
Gerry.OBrian@mortgagefamily.com
Hope this helps.
Hi Lauren,
I would suggest that discuss with your lender a home equity laon at the time of closing.
If you need a suggestion for a loan officer that is knowledgeable and helpful, contact Gerry O'Brian at CB Loans (part of the Coldwell Banker Residential Brokerage family). You can reach him at gerryobrian@mortgagefamily.com or call me @ 973-723-3666 and I will put you in touch
I would just get a second mortgage or home equity line. It would also depend on how much equity you have in the property.
Dear Lauren I need a little more information to truly answer your question, but I have knowledge for you. If you are just buying the condo you must first own it for a year to get anything other than the purchase price as your appraised value. During the 1st year of ownership the value of a property is the lesser of the appraised value or purchase price unless you can document all the upgrades you have mad, so a refinance to get money is costly and may not be feasible.
My question is how much is the condo & how much or a percentage are you putting as a down payment? Post it here and I'll get back to you
Didn’t you find what you are looking for? Ask a question!
Questions & Answers