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I wanted to sell the sell the home before I could get the new home as I have sufficient equity in the old house which I could put into the new home when the former sells. I am thinking of going for a 5/1 year ARM on the new home while the old property is up for sale. I would then refinance the new home with a 30 year FRM when I am able to get the sale proceeds and hence my equity from the old home. Am I on the right track?
If you are old enough to qualify for a reverse mortgage, better go for it instead of taking out a refinance loan. However, you can also look out for a home equity line of credit as an alternative option.
If you are thinking of withdrawing money from your 401K account, be prepared to make tax payments on the cash taken out. Apart from tax payments, you will have to pay a penalty if you.re under 59 and 1/2 years of age at the time of cash withdrawal.
What.s more important is that, as a borrower, you should be careful of what the fine print of the program says. That.s what is going to ensure that you benefit from the program in the long run.
I am looking to refinance from 8.5% 30 year fixed rate mortgage to lower 30 year fixed loan. I owe $70,000 on $150,000. My credit scores are 725, 680, and 695.
