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I am trying to decide which of the following mortgage options should I take. Can you help? Thank you

Orange, NJ |

I won an uninsured multifamily HUD bid at NJ. I would be living in this house. As you know all the HUD properties are winterized and the utilities are disconnected. The repairs are less than $30000, which I have enough cash for. I want to make sure I get the lowest APR + monthly Fee. 203k loan, offers 4.5% which I considered to be high plus they have a lot of fees and paper work. Can I get a regular mortgage on this property? If so, would this option give me the lowest APR + monthly Fee, or there are better options? I can pay for the whole house in cash, but I definitely need to get a loan not more than 2-3 months after that. If I go this route, and I get a mortgage (1st lean) against this house, would this option give me the lowest APR + monthly Fee, or there are better options?

Attorney Answers 2

Posted

You have to ask these questions to local lenders.

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I am having problem finding a local lender who would listen and help. The ones I talked to are looking for somebody who will accept any high interest rate offer they propose.

Posted

Unfortunately, this forum is limited to the provision of legal advice. In any event, we are not in a position to decide which interest rates are high and which are low. You are the person most familiar with your financial situation and are thus you are the person best situated to make that decision. I can say, you should bring mortgage and/or loan documentation to an attorney for review prior to contract execution.

Disclaimer: For a free consultation contact me directly at 973-519-0196 or adam@LefkowitzLawOffice.com. If this answer was helpful, please mark it as helpful or as a best answer. Answering questions on avvo.com does not create an attorney-client relationship. You are strongly encouraged to seek and retain your own counsel. Information and answers posted to this website are for general informational purposes only.

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