Financing a house purchase
My spouse and I (both 74) wish to buy a house more suitable to our needs. We own (no mortgage) a house appraised at $500,000 that we will be selling once we have moved into a new house. To finance the period between moving in and then selling our house, we will be taking out a mortgage. My question… Would the closing costs for the loan be cheaper with a Heloc or HE instead of a traditional mortgage loan?
Terry Says
Have you already chosen your new home? It always makes more sense to sell first if you can, so you don’t get caught with one foot on the boat and the other on the dock.
As to how to finance the new one, that depends on your own financial status. If you qualify for a mortgage, based on income and credit, that would be the way to go. I recommend working with an excellent mortgage broker to examine your options and the costs.
Two that I recommend in the Chicago area are David Hochberg at www.56David.com and Leslie Struthers (Leslie@rate.com).
