We have been during the the same problem, tho has place preparations toward keep once we see where real estate market happens.
step 1. I found (as a result of a pal) a mortgage broker that will program fund within our potential senior years places. I done a mortgage app and you will gave him friends out of data. They are educated from the various types of financing–connection (otherwise different kinds) and you can simple mortgage loans. Therefore, we are working whenever we end up buying a location.
2. I create a good $500,000 HELOC on our very own regional financial (to have no cost), protected because of the our very own latest family. When we need to circulate quickly, we have the bucks and certainly will refinance later on. This may be useful when you look at the a down-market.
Alaska_Skeeter blogged: ^ Sat We have been for the a new situation. Completely resigned, mid 1960s, zero financial obligation, zero students, expert credit, 401k at the $2.2 mil, gross income $118k most recent residence is repaid, well worth $500k
We wish to escape from county and purchase good $500k household 2500 far-away an additional county. So on quick terms (1-3 years) up to we promote our very own other home, What are specific investment solutions?
We might not have $500k bucks up until shortly after promoting the paid back domestic
Mortgages almost never had prepayment charges. It possibly he could be against regulation to own Fannie mae that will be why. (But I will end up being incorrect.)