Re: Lending rate question
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I am buying a house 70/25/5 with a 25% HELOC that is >100K. Credit is excellent, income easily supports the purchase, full doc, first is a 15-year fixed. They offered 7.25% fixed "5-year" or prime minus one-half on the HELOC. Is that a decent rate? If so, which one is better?
Thanks.
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Lots of question to be answered.
How long do you plan on keeping the house?
Will you be paying off the 2nd early?
Do you need a line of credit for other reasons?
How would a jump in rate affect your ability to pay?
What would the rate be on an 80/15/5?
How much cash are you left with after closing?
What are the cost to close these loans?
Just a few questions like that....
Who is giving you advise?
If you have excellent credit you should have plenty of choices?
What rate are you getting on the first lien?
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