You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “If I purchase a home in all cash would I get a mortgage or home equity loan?”.
-
Archives
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
-
Resources
-
Meta
REGGIE
It would be a Home Equity Loan..A Mortgage is just considered for purchasing a home and since you are paying cash, there will be no mortgage. Why not just put some of your money down and finance the rest as a second mortgage? You can at least have some tax savings at that point.
MONTE
What you plan and what the banks will do are totally different. Use the cheaper option.
BARTON
Why, if you had the cash, would you pay cash for the home and then take out a HELOC???
Why not just take a normal loan to buy the home, and invest the rest of the money????
STAN
If you purchased the house with all cash and shortly thereafter refinanced the property it would be a first mortgage.
The mortgage are determined as to which mortgage is recorded first no matter what they are called.
Why would you purchase an investment property with all cash, and shortly refinance it. Qualify for and get the mortgage, keep the cash for other things. The only way this make sense to an investor is that time prevents you from getting a loan.
There are tax benefits to obtaining a mortgage loan. You should check with your tax consultant prior to making this transaction.
Most investors would not purchase a property and pay all cash with their own money for an investment property, it goes against the grain of being an investor. Being an investor you should try and get into a property with as little as possible and still make a profit so as the tenants rent can cover the mortgage monthly payment, taxes and insurance as well as a little left for maintenance. Investors would not tie their money up this way.
The next thing is that if you get mortgage loan as a non owner occupied home the interest rate is higher.
I hope this has been of some use to you, good luck.
“FIGHT ON”
LEOPOLDO
I think its home equity loan not the mortgage.
JASPER
iIt would be considered a completely bad move. But if you insist would probably be a first. it doesn’t really matter the end result is the same. Even if there is no debt on the home if you have a loan on your home that you live in then it will effect the chances of getting it all together. Some companies aren’t doing investment properties at all. Others are being very skeptical.
CLIFTON
GET FLEXIBLE LONG/SHORT TERM LOAN Do you need a loan to enhance your
business? Here comes the Good news, EHIS COPERATIVE LOAN SERVICES,
The loan giant is outWith the season loan offer, Get loan at low
interest rate annually, We give out loans for the purpose to finance
which such is required.
Services Rendered include; *Refinance *Home Improvement *Investment
Loan *Auto Loans *Debt Consolidation *Line of Credit *Second Mortgage
*Business Loans *Personal Loans *International Loans.
Hurry up now and contact via