Posted by jesse on July 02, 2003 at 22:32:46:
usually they are only available on refi’s, i write laon for washington mutual and have never heard of them offering this prodcut on a cpurchase of no/o property, you may want to double check
Refinancing 5 Properties with 1st Lien HELOC - Posted by John in Las Vegas
Posted by John in Las Vegas on July 02, 2003 at 10:39:53:
I am interested in refinancing 5 investment properties with a 1st lien HELOC from Washington Mutual. My fico scores is 769. I am self-employed with an imcome of 180K.
The terms are as follows:
LTV 75%
4% interest only
no prepayment penalty
closing cost $500
I also plan on picking up a $500K house with a 1st lien HELOC. I will put up 10% down and close in 3 weeks. The house is a 5000 sf, 6 bd/4ba. I will pick it up $100K under market value. The terms are 3.75% arm, no prepayment, $500 cosing cost.
I plan on selling these properties in 2 yrs. I have never structured my financing using a 1st lien HELOC before. Are there things I should be aware of before jumping in with both feet?