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Hey all, was wondering if someone could share some advice for a first
time buyer. I'm getting a house with a 80/15/5 loan. The 15% loan
has a very high interest rate. I am thinking about getting a loan from
another bank for the amount of the 15%, paying off the first lender,
and thereby reducing my monthly payments due to the smaller interest
rate. The lender's rate for the 15% is 8.45 on a 15 yr balloon
payment. Could I go to another bank and borrow the amount for the 15%
at 6.3% and pay the first lender off? Is there some sort of catch I am
missing?
Thanks,
--rafiki
Thank you drive through.
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real estate question
