blueshore offered her 3.45% and 2000 in fees to borrow 700k. does anyone have any advice or know if that is a good rate?
She is ready to jump but I figured I should ask around first.
Jul 17th, 2020 6:00 pm
Jul 17th, 2020 6:59 pm
Jul 17th, 2020 8:14 pm
Jul 18th, 2020 1:32 am
Aug 4th, 2020 9:45 pm
Aug 4th, 2020 10:23 pm
Aug 4th, 2020 10:26 pm
thank you. I said she should sell her house first before buying the condo?? This seems like taking on a lot of risk. the market is hot supposedly but still.bomber17 wrote: ↑ Bridge Financing is always expensive because it's technically an unsecured loan. That may be the only option if she's not approved for a HELOC.
If she is 55+ years old, she could try reverse mortgage as income is not required and she only needs 55% loan to value. Interest rates are still higher than conventional mortgages but should be lower than bridge financing.
Aug 4th, 2020 10:33 pm
You can try to time the closing dates. You can have separate closing and move in dates if she is concerned about moving in and out. A really good realtor can help negotiate for the same closing date for both properties. Honestly, you don't even need same day too as long as the house is sold before the condo. This could potentially save you lawyer fees too as they are doing the purchase and sales and is holding the funds so less risk to lawyer and they can do a bundle price.