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eryan2369
779 Posts |
 Posted - 06/11/2008 : 1:31:29 PM
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Someone is quoting my borrower to do a second on their primary residence instead of a purchase for a condo they are trying to buy for their daughter to live in while she's in college. They need $79k to buy the condo.
A second on their primary residence would bring the CLTV to about 95%. Is this still avialable, and a what rates? She is looking at interest only.
740 mid
Full Doc
95%CLTV
$340k loan ammount
Alabama
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eryan2369
779 Posts |
Posted - 06/11/2008 : 1:33:34 PM
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| Im sorry, loan ammount would be about $90k...I had the figure in my head to refi the whole first, but she's not looking for that. |
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ChicagoMortgage
29 Posts |
Posted - 06/11/2008 : 1:45:28 PM
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| Just do a HELOC....US Bank will do a 95% CLTV; prime rate + 2, so around 7% |
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lukeallison
1409 Posts |
Posted - 06/11/2008 : 2:04:44 PM
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| RBC Centura can go to 95% in Alabama. |
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eryan2369
779 Posts |
Posted - 06/11/2008 : 2:24:40 PM
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| Anybody got contact info for both? (US Bank and RBC Centura) |
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mojojojo_1
847 Posts |
Posted - 06/11/2008 : 3:04:18 PM
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i wouldnt do that if you did not have to. i would hate to get stuck in my home cause of equity when i got a new job offer/ ill/ wanted to move because i was trying to help my daughter.
"Sir i would not recomend that because of above. thats why the banks conventional cut off is 80%, its the safe way to play, and when it come to MY home, i dont take those type of risks. of course i could do it either way |
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