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Originally Posted by juz
7.9 isnt bad
Looks like hes making a 1/4 plus yield spread on you,
6.5% on a no doc.. jump on it if you're serious about the property, dont do 100% fin put something down ontop of closing costs so you have some equity.
and yes land loans will get an interest rate bump over developed properties
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I'm serious about the property and already have a contract in on it. I'm refinancing my house at 80% LTV at this 7.9 so will be paying for the additional house basically in cash. That way if worse comes to worse I can sell my house and move into the vacation rental ;) Right now my interest is 6.875 but that was a full doc.
Thanks for the info
I've been buying land but paying cash with no refinancing of my house needed. This will be the first time I've had two "buildings" owned at the first time. Need a mountain vacation place to rent cheap?
