Should I get a Mortgage loan or a personal loan??
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Ok I am buying a small vacation house in Puerto Rico. PR is a commonwealth of the US, so I am sure most of the same rules apply. Can I get a loan here in Philadelphia to buy this property? Also the house is very cheap (60k) so I am wondering if it is possible to get a long term personal loan instead?? How does that work? I only want this b/c I think it will be quicker & easier, but I am afraid they will need proof of what I am using the money for & then make me do a 2nd mortgage. Anyway if I get a 15 yr mortgage, is there a way I can do it so that I dont need to go through all the inspections & long processes?? Please help. Thank you!! I choose the best answer.
Should I get a Mortgage loan or a personal loan??I think I just answered your other question. In regards solely to this one, I would stick with a mortgage loan because the interest rate will probably be much lower than a personal loan,. But it will take slightly longer to obtain and have more closing costs. Speak with your bank about the personal loan and a broker in PR about the mortgage, then compare the two, that would probably be easiest. Or you could do personal now and refinance with a mortgage in a few months to get the interest rate lower.
Should I get a Mortgage loan or a personal loan??You many still have equity in your home. Some companies will go up to 100% LTV for the 2nd mortgage. That is your best choice because interest rates are much lower than a personal loan and you may be able to deduct the interest you pay. You can go to lendingtree.com to get a quote from 5 different lenders to see what they can offer you. An equity loan should only take about 2 weeks and ususally doesn't entail inspections like a first mortgage.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.