All Forum Posts by: Hodari Howard

Thank you so much for your time. I will definitely get more clarity on the HELOC appraisal as well as shop around a bit more.

These are the options I am getting from my credit union? I would appreciate any opinions and pointers you all can offer.

Respectfully, Hodari 
The first mortgage option that includes closing costs would have a rate of around 3.125% for the 15 year term. You’d be looking at a loan amount of roughly $56,000.00 to cover the closing costs involved as well. The home equity option for the 15 year term is 5.790%. The first mortgage option with the lower rate is slightly more advantageous over the life of the loan, with savings around $4,500.00 ($25/mo). Keep in mind, though, that this option would require a full appraisal, while the home equity option does not.

@Shaun Weekes

Thank you for your response.

The purchase price is $105,000

No credits.

The rental property equity was just an estimate, since Redfin showing over $234,000 I am sure I am under?

3b 1b renting for $1400 per month.

Remaining on the loan is $14,000

At $600 month payment.

I am two weeks away from the closing date on a 2b 2b cando. Received the Appraisal yesterday, with an estimated $1700 of FHA required repairs and the seller refuses to make any repairs. The lender doesn't do hold backs.

Is there another way I can finance this deal in this short period?

I do have another rental property that has 120000 in equity.