morgage question....advice

[auggiedawg]

Hello all. Maybe some of u mortgage experts can help me out with this. I currently have a condo in florida. Here are the stats on it:

Bought for : $147,000
Appraised at : $160,000
Mortgage : 80/20 Interest Only (80% @ 5.75%) (20% @ 9.3% fixed)
Mortgage with : Bank of America

I have just recently found another condo in the same town listed at $179,000. My credit scores are around 680 or so...maybe higher.

I was just curious as to what type of programs out there that would be good for me? Im looking for something IO, As i want my payments as low as possible. I have already contacted BOA and wells fargo...and basically the best i could get is around 6.25%, etc.

Does anyone know of any other type of mortgage programs that I dont? Maybe something in terms of the OPTION ARM (i know this is dangerous, although this condo will build equity very fast. It is 10 min. from the ocean, etc). Maybe something other than traditional mortgage programs. Oh well, just throwing this out there. Maybe someone here has some advice.

thanks so much

 

[aceduecetrey]

Where is it in regards to your current property? Reason I ask is, can it be a second home or must it be a investment property.

 

[auggiedawg]

Where is it in regards to your current property? Reason I ask is, can it be a second home or must it be a investment property.

It is a mere 5 miles from my current condo. I would be living in it as my primary house. I would probably lease my other condo out.

Also, i can document my income, scores near 670-700 range, no late payments ever on my current mortgage.

Just looking at something like what i have now: INTEREST ONLY or OPTION ARM (just not sure about this yet).

Would really like to get financing on this property, as i feel it is an absolute steal to be honest. But if i cant (with the interest rates being up), then ill have to live with it.

Thanks for your reply acey
:thumbsup:

 

[TTinCO]

I could put you in touch with a mortgage broker who would give you a free consult\tell you the pros & cons of your options.

 

[auggiedawg]

I could put you in touch with a mortgage broker who would give you a free consult\tell you the pros & cons of your options.

ttinco....is this broker someone u have used or are familiar with? The reason i ask this is because i have many contacts, and just would want someone that is good, and can offer me somethign worthwhile.

thanks man

 

[aceduecetrey]

It is a mere 5 miles from my current condo. I would be living in it as my primary house. I would probably lease my other condo out.

Also, i can document my income, scores near 670-700 range, no late payments ever on my current mortgage.

Just looking at something like what i have now: INTEREST ONLY or OPTION ARM (just not sure about this yet).

Would really like to get financing on this property, as i feel it is an absolute steal to be honest. But if i cant (with the interest rates being up), then ill have to live with it.

Thanks for your reply acey
:thumbsup:

With it being so close and nearly the same price as yours, you would have to come up with a very good letter of explanation as to why you are moving there. Golf course? beach? pool? something like that. If the bank will not buy it that you are going to be making this your primary, then you will have to go investment and right now doing 100%ltv investment properties is not happening.

My advice would be to talk to a broker and or a real estate agent to find out more about the property. Find out how long it has been listed and how much it is worth. With the market today, you may even be able to do a lease to own. Lock in the price now and if the market has not improved a year from now, you can walk away. If you take that route, just make sure you record it and the best thing to do is for you the persons mortgage directly by check and it will make it much easier for you to get financing next year.

 

[MannMortgage]

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