Looking For A 125% LTV HELOC Owner-Occ
I emailed some parties from the lenders tab but still nothing. Anybody know of any low cost 125% HELOCs out there? Home is a brand new 3/2 just refinanced the 80%. I have a 20% HELOC when I financed 100% during purchase but would like to roll the 20% HELOC to the new 125% HELOC. I have about 7K in equity by the most recent appraisal. I purchased it in August of this year. Please PM or email me. Appreciate it.[ Edited by Leo_Investor on Date 12/29/2003 ]
I have not dealt with 125% LTV but I am somewhat familiar with them. I do know that you can not take a tax deduction on the 25% on top of the loan. From what I glanced at in the fine print, this is based on your equity in the property and not the property value a.k.a., equity = $7K x 125% = $8.75K. I would expect your finance costs to be a around $1K (complete guesstimation). You might also run into seasoning issues since you just bought the property. Finally I would not be expecting the worlds greatest interest rate say around the 6.5-10.5% range with 8.5% being the middle ground.
Again I will state the disclaimer that I do not deal with homebuyers. I have seen these programs and only "glanced" at the details. Contact a residential mortgage broker to get more details.
Best of luck
Phil
Quote:
On 2003-12-29 17:11, Leo_Investor wrote:
Anybody know of any low cost 125% HELOCs out there?
The 125's are not low cost and most of them will require the HELOC you have now to be rolled in. This will increase your payment a lot.