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

Comments(1)

  • getitqwik9th November, 2005

    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.

Add Comment

Login To Comment