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Great Credit Large Down Pmt Loan

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ce340a Joined: 04 May 2011 Posts: 1 1.35 Dollars($)	Posted: Wed May 04, 2011 8:06 am    Post subject: Great Credit Large Down Pmt Loan Like 0 Dislike 0 Here is the deal. My parents own a home which the are selling. The sales price should be 375K or so. They have a 27K home equity line of credit. Net proceeds from the sale should be around 320-325K after the home equity is paid off. They are looking to buy a home that costs 375-400K. Therefore they will need a loan for 55-80K. Does this need to be a full mortgage with all the inherent hassle or is an equity line available? They have good income (10,000+/mo), good assets, credit scores north of 775 and never any credit or mortgage problems. Thanks, Howard
Guest	Posted: Wed May 04, 2011 8:42 am    Post subject: Like 0 Dislike 0 You can obtain which ever type of loan that you are qualified for. It depends on your personal preference and goals with the property. On a credit line, it is revolving so they can borrow more when needed. They do have a higher rate and long term costs. If you are looking to payoff the house and be able to retire, then a fixed mortgage would be best. On a loan of that size, a 10yr fix with enough credit/income, could get a rate in 3-4% range. The typical costs are your closing third party which is title, escrow, appraisal and prepaid interest. Which ever loan you chose, you will need to pay these costs. Most 1st mortgages, will not charge origination. Good luck
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Thu May 05, 2011 11:01 pm    Post subject: Like 0 Dislike 0 Welcome ce, As far as I can understand, it will be a full interest loan. With a good income and a good credit score, you won't face any issues in getting a mortgage. _________________ Procrastination is the enemy of your financial success

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