Looking to see if anyone can help me out. I am looking at purchasing a cabin( its actually someone's main home on 19 acres) in the northern lower. I talked to a mortgage broker at my local bank and everything sounded great to get pre-approved at a decent rate (3.375% for 15yrs or 4.25% for 30 yrs). Until I showed up and explained the property. Once they found out it was over 10 acres they told me they couldn't finance it and still sell off the mortgage. They currently sell off all mortgages to Freddie Mac or Fannie Mae. But said neither will buy a vacation/2nd home mortgage on anything over the 10 acres. But they could do an in house loan at over 5% which they would not sell off. So I went to Greenstone knowing they do vacant land and farm properties. With them I am looking at 5.25% for 15yrs or 5.8% for 30 yrs.
I'm planning on calling around to several places in the morning looking to see what I can find out. I am suppose to be looking at the place next Thursday and planned on putting in a bid. I have no problem providing the 20% down payment and shouldn't have an issue getting approved. But this road block could be a make or break the deal. It makes a huge difference in monthly payment and amount spent over 15/30yrs. I just cant believe the amount of acreage can actually make any difference what so ever on an interest rate. Thanks for any help/suggestions.
I'm planning on calling around to several places in the morning looking to see what I can find out. I am suppose to be looking at the place next Thursday and planned on putting in a bid. I have no problem providing the 20% down payment and shouldn't have an issue getting approved. But this road block could be a make or break the deal. It makes a huge difference in monthly payment and amount spent over 15/30yrs. I just cant believe the amount of acreage can actually make any difference what so ever on an interest rate. Thanks for any help/suggestions.
During the adaptable rate piece of an ARM, the advance cost charged is consistently established on a standard financial rundown, for instance, the key rundown rate set up by the Federal Reserve or the London Interbank Offered Rate best refinance rates (Libor). "Adaptable rate contracts (ARMs) track a picked benchmark list and modify the development's portions subject to changing advance costs," says John Pataky, boss VP at TIAA Bank and head of the bank's customer crediting and home advance division.
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