Mortgage query?
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real estate agents all have the same story they tell everyone is a great time to buy ,, if it was such a good time to buy why then is no one buying anything , there liars there worse than used car salesmen ,, dont make the mistake and buy a home now , this market is flat , we have never seen anything like this in our life and we will never see it againg in our life , prices will decline as much as 50% in some area , a house is only worth what someone is willing to pay for it ,and people arent paying anymore , either sellers could keep there home and prey to god that the market rebounds in 10 to 15 years or they need to reduce a major reduction in price is needed , sellers are in denial, they still think in there head they can get 2005 prices ,, yea right ..
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Mortgage query?First, there is NO SUCH THING as a "fee free" mortgage.
Do you work for free? Neither do banks....fees is how they pay their people commissions and bonuses, and all they have done is either jack up the interest rate on the loan or rolled in the closing costs, but you can rest assured you are paying for it.
If you can afford TWO mortgage payments, then I suggest you do that.
DO NOT pull the equity out of the first one b/c you won't be able to do it at a good interest rate b/c technically, it's a second mortgage, and it would cost you money in closing costs....etc.
Bridge loans are risky and if you can't sell the house now, what is going to happen when you are paying on a higher rate of interest on an equity line and you STILL can't sell it?
That is a one-way ticket to losing all of your equity as well as foreclosure.
Considering the extremely low mortgage on it....have you considered renting it out? I would be willing that you could generate some very positive cash flow with that.
Sometimes waiting is the best option.
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