We bought a home in TV in April, closed July 1. We talked to Citzens about a mortgage but since we won't be moving down there for several years until I retire, it would be considered either a second home or an investment property-we'll probably rent it when we aren't there. The Citizen's interest rate in April was 5.375% for a 30 yr fixed and closing costs were $4k-6k depending if we put down 25% or 20%. Our lender at home suggested refinancing our current home and taking out the cash for the one in TV. Ended up refinancing with 3.75% 15 yr fixed, $1500 closing costs total and cash out for our home in TV.
It was a cash closing by mail for TV and Citizens was very helpful. If you open a checking account with them you can park your closing funds there until the close. We had everything done days before closing and went very smooth. Our realtor did the walk thru.
There is more risk on our current home with a higher debt but we also own a home in TV free and clear. If it gets to a crunch we can always sell one or the other.
Chuck
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