OfflineDeleted... original post is misleading information. Posts from this thread with helpful information remain below.
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cindy REI
I think i found the answer
Posted on: Sat, 05/31/2008 - 17:26
I think i found the answer
Look at the interest rates first, before you refinance. If your balloon payment isn't until 2010, you only want to refinance now if it will save you money. You can still consider your house ivestment property if you use it for that. You don't have to pay for it with business credit.
Hope this helps. I know you're working really hard at this.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
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Cindy,
I've found that there is no better loan available than those for owner-occupied homes. As long as you are living there when the loan closes, you qualify. If you move later, they won't call the loan (unless there is some odd clause in the contract). You can rent it out as much as you want. Dollars are dollars, whether they are commercial or residential dollars, and they all buy the same things.
The only exception to this is if the title to the home is held by an entity (LLC, L.P., corporation, etc.). Most lenders can't handle that.
By all means, check rates, terms, AND fees before you commit yourself. Lenders generally charge higher rates and points for non-owner-occupied properties.
Let us know what you end up doing.
cactusbob