Just realized that I could have been more clear.
I do not currently have the cash for renovations. Would need to either take out a loan against existing house, or if possible roll that into house B mortgage.
Another question...
Thinking about a property that would need renovating before moving in, and wondering if there is a type of loan for this sort of scenario. I know there can be restrictions or penalties for selling shortly after taking out a heloc or cash out refinancing, but it's difficult to find a good answer online.
Details:
This is in Texas.
Currently own house A. 700k value, 100k left on mortgage.
No other debt. Assume highest tier credit and enough income to cover mortgage / taxes / insurance / utilities / etc on both properties for the time it takes to go from step 1 to step 4.
Here is what I would like to do.
1) Buy house B for 550k. Have enough in savings for 20% down.
2) Put about 200k in renovations into house B.
3) Move into house B.
4) Sell house A.
5) Use proceeds from house A to pay off loan for renovations.
6) Put most of the remaining proceeds from house A towards house B mortgage.
I'm a prospective buyer with limited knowledge of the industry and no special access to anything, but It takes me about 15 seconds to see this info by looking at a listing on realtor.com. Always scratch my head when I see one of these.
Ok, so time for me to join the thread.
We are making an offer this weekend on a house in the north Dallas area. My realtor has a couple preferred lenders, but I would like something to compare their rates against. I'm also open to going with a lender that surly knows/recommends.
Looking at 710k purchase price with 20% down, with either a 30yr or 15yr fixed mortgage. Probably not buying points unless there is a compelling reason. Would also need the ability to do a 1 time paydown and re-amortization after we sell our existing house.
I know it's a weekend and Monday's rates wont be the same as our potential closing date, but what are we looking at right now for rates?