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Jeff,
Reading your posts from past, you seem very knowledgeable in
mortgages.
I'm planning to buy a new home and sell my current home in Georgia.
My head is spinning with all the data I have been fed.
My wife and I are retired. Our credit rating is around 850. Present
home paid for. Selling for $154,900. New home is $219,900 and I
believe way underpriced because there are three other homes in same
subdivision which are listed at $254,900 $248,900 and $229,900.
We do not owe anything, have about $53,500 annual income (I am a poor
guy).
In general the lenders have told me to take First mortgage on new home
for $80,000, 6.5% interest fixed for 30 years, Pay approx $15,000
closing and downpayment on new home, make Home Equity loan on present
home for $130,000 7.75% plus 1/8 interest payments only of $850. Once
present home is sold and closed, pay off Home Equity and I am left with
payments of about $505 per month for 30 years.
Any suggestions, hints, tips or anything would be appreciated.
I just want the best for my money.
Thanks in advance for your help.
I imagine this is small peanuts to you but to me it's big.
Bill Poston
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Ping or Calling Jeff Strickland Please Help
