I was thinking of a second mortgage line of credit which is locked in at 9% for three years, then is
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These are all things you need to think about. That doesn't mean that this is not a loan product that might work for you but they are things you should seriously consider. The difference in rate between an interest only and an interest and principle HELOC may be just enough that you can afford to pay the interest and principle loan rather than getting locked into this product.
Good luck.
I was thinking of a second mortgage line of credit which is locked in at 9% for three years, then is variable?Your on the right track however like the top contributor's advise stating you never know whats going to happen next. I have a product that allows you to choose which way you make your payment and how much you pay as you grow into your loan.
Its perfect for what your trying to accomplish. Think about it- wouldnt you like to dictate to the lender how your going to make the payment each month instead of having the lender tell you? email me and we can get started.
I was thinking of a second mortgage line of credit which is locked in at 9% for three years, then is variable?You're definitely getting the right product if you are planning to sell in less than 3 years. The rate seems a little high, though. I have several loans right now where I'm able to get my clients prime - .25%. Shop around for something like that would be my best advice.
If you'd like more info on the product I offer, feel free to browse around my site at www.vegasloansbytami.com. My contact info is there as well, just in case you want to discuss any other options.
Otherwise, good luck!!!
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