We own our house for past 15 years. We are moving and have an offer in on another house. If we get the house and head to closing before selling the one we own, how should I proceed with the down payment? I can scrape together the 20% but I would like to put the equivalent of what I expect to sell my house for towards the new mortgage to bring it way down. I don't have time to do a heloc as my credit union says that takes several weeks to month(s). Has anyone used an SBLOC for short term like this. I know they are sort of designed for it and it seems much better than taking capital gains on investments. The rates are not good though 7.5% but it would be short term - couple/few months I suspect. Looking for some words of wisdom and a gut check if I'm thinking about this correctly. Some will wonder, yes I could pay the 20% down, sell my house, and then make a large payment, but they charge like $1500+ to "Recast" the loan upon making that large payment later rather than at time of closing. Hope this makes sense, appreciated.
u/Certain-Ad-5298
u/Certain-Ad-5298 — 17 days ago
▲ 37 r/Porsche_Cayman
Thought some if you might find this interesting or informative.
u/Certain-Ad-5298 — 22 days ago
I’m looking at this house for possible purchase and like the location on the edge of medium size town USA. It needs some work in general but I keep looking at this with concern. Anyone willing to weigh in and tell me what you think based on the photo, please? I’d also like to remove the large tree close to the house too to prevent limb damage on the roof but not sure it its integral to holding the soil on the hillside. I know as a basic homeowner that the downspouts need immediate attention asap but what abt the hillside and retaining walls in general. TLDR: how concerned should I be with what’s in this picture? Appreciated
u/Certain-Ad-5298 — 29 days ago