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

Asked over 1 year ago - 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)

  1. Layni S Rothbort

    Contributor Level 13


    Lawyer agrees

    Answered . You have to ask these questions to local lenders.

  2. Adam Lefkowitz

    Contributor Level 14

    Answered . 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... more

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Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

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