- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Suggestion on buying/selling homes?
Posted on 7/30/13 at 9:18 am to OneFifty
Posted on 7/30/13 at 9:18 am to OneFifty
quote:
-if prop 2 appraisal holds up, I think I could mortgage 225,000, price is only 180k
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
This post was edited on 7/30/13 at 9:20 am
2
Posted on 7/30/13 at 10:40 am to VABuckeye
quote:
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
THIS, I didn't know. Great info.
Not worried about the 2 mortgages, supposing lenders will do. I could supplement what the prop 1 rent doesn't cover, and check into a refi on prop 2 later.
THX much...that'll save me the embarrassment of having a lender tell me this.
Posted on 7/30/13 at 8:19 pm to VABuckeye
quote:
You can't do this. You can only mortgage a percentage of the purchase price, not more than the purchase price. There is no such animal as a cash out mortgage on a purchase. To do a cash out refi later to do what you want you will need to have at least 6 months seasoning on the new mortgage on property 2.
That's what I said, investor loan or private lender.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News