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Can't afford the 20% down so will put only 10% as down payment. The 80% of the loan has a rate of 6.125% 30 yr fixed, and the other 10% is an equity line of credit variable starting at 7.5%, interest only. Is there a better option than an equity line of credit at 7.5% interest only? I am not too happy with the variable rate since the probability of it going up is high.
80% at 6.125% fixed is Albany in todays market. and 7.5% on the second isn't bad either. Those are real rates. Any increases on the 10% part won't kill you; it's the people who got 100% financing at 3% are the ones being killed.
Are you in California? The rates are real (depending on your credit, Reserves, etc...) There are still many lenders out there that are doing 10% down, and 1 loan only . If the 10% line of credit is the problem ask your loan officer to get you a 90% loan and show you the results. The interest might be higher and you might required mortgage insurance. Also there is still 100% loans, but now they have to be full Doc. Good luck. Last but not least, ask for a good faith estimate and go over it.
The rates and terms of your proposed loan are fair in today's market. The Equity Line (2nd) is I/O however, I encourage you to pay additional principle on the loan. Your only alternative would be to do a 90% loan at about 6.50% PLUS pay PMI (Private Mortgage Insurance) because your first loan is MORE than 80% of the purchase price. Overall, the payment comparison will tell you the best option, and usually doing 2 seperate loans is cheaper in monthly payment requirements EVEN paying principle on your equity line. Good Luck,
I would be very leery of the terms. Right now there are so many people who are losing their homes due to foreclosure because of variable rates. This is at an all time high.
There is no question you should see lawyer when you enter into any real estate transaction. No question at all. My first disaster and the information and warnings I received from lawyers I have consulted have been well worth the money they charged.