Second mortgage for the home seller financed?
I read the advice hier.Meine wife and I are planning a house in Indiana for our parents to buy them, even without a mortgage. We intend to allow parents to finance the sale to us (at a reasonable price, the rate of IRS-approved). The current value is approximately $ 350K. The house is 20 years. It should be habitable, but needs repairs (roof, carpet, new mechanical, cosmetic corrections, etc.), rapidly rising in value by 10-20%. We intend to buy the house, as it is. We have $ 30K for Reparaturen.Unmittelbar after (or during if possible), we want to renovate the kitchen and bathrooms. We’ll probably want to take a loan (5-20% of the value of the house) to do. Parents have no money, so we are looking for a kannst.Was mortgage is best for the second loan? We do not want to pay PMI, or other unnecessary fees. We have decent credit, 690-710, a low DTI ratio, and healthy financial Reserven.Jede other general advice is greatly appreciated. Thank you, I saw that suggest some answers HELOC. I do not think I’ll take the significantly higher rates. Is not it a 2nd Mortgages more sense?
I currently own a house mortgage and tomorrow I’ll make my second home, buy a house next door. How best to fund and there is nothing I have to be careful when signing. My concern is, finacial, the best kind of loan rate and interest. I have already said, it is sort of an investment loan, even if my daughter is there with his family life can not be borrowed initially that my wife and I are