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/u/leisuresuitbruce
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Hello, I'm looking for advice on best way to finance the 20% down on a house purchase in Orlando.
My domicile zillows for 490k. Mortgage 220k @ 2.375%.
Have a single family rental house, paid off, zillows for 430k.
I need to move to a one floor house. Would like to keep and rent out both houses.
Have my eye on a house 370k. 74k would be 20%.
Off the top of my head I'd like maybe 125k cash financed from either existing house. New mortgage on the paid off rental? Second mortgage on domicile? Do I go to a credit union or what?
Do I have to claim it is for renovations to get a better deal?
I'm assuming I need this in the bank so I can make serious offers. Any and all tips, tricks, and traps would be appreciated.
submitted by /u/leisuresuitbruce
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How to finance 3rd home
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My domicile zillows for 490k. Mortgage 220k @ 2.375%.
Have a single family rental house, paid off, zillows for 430k.
I need to move to a one floor house. Would like to keep and rent out both houses.
Have my eye on a house 370k. 74k would be 20%.
Off the top of my head I'd like maybe 125k cash financed from either existing house. New mortgage on the paid off rental? Second mortgage on domicile? Do I go to a credit union or what?
Do I have to claim it is for renovations to get a better deal?
I'm assuming I need this in the bank so I can make serious offers. Any and all tips, tricks, and traps would be appreciated.
submitted by /u/leisuresuitbruce
[link] [comments]
How to finance 3rd home
Continue reading...