Is it better to get a conforming loan plus 2nd trust or to get one "mini jumbo" loan? - jumbo loan rates today
We are about to buy a home and borrowed $ 480k. We called around several lenders and have received conflicting advice. Which is better:
1) Obtain a loan adjustment for the first $ 417 (approximately 5.875% today) and then a second trust for the remaining $ 63K. Second, we must trust and a credit facility (only 5% lead today, but could increase the economy improves eradicated) or a second home loan 7.5%
Or
2) has a mortgage in the "mini-jumbo will" prices, the only one eighth of one percent higher (?) Compliance rate loan.
HELP! This is so confusing! Thanks
1. We need to look into the delays can be home and see that the average mortgage in the United States last year, only 5-7. Second, most of the "mini-jumbo loans are much higher than the rate of 1:8 percent. I suggest that you use only one bank and not a runner. I would go with Wells Fargo to make first loan in the amount of $ 417,000 and the 2nd as a HELOC. Although set in the 3rd mortgage, is the risk of rising interest rates in the short term is almost zero. Wells Fargo can also block certain parts of their line of ewuity any time in the fixed-income loans, where interest rates begins to rise. If you need a recommendation of the WHO for use in your area, please email me.
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