We are now offering Home Equity Lines of Credit (HELOC) that can be taken out after the closing where you plan to close with 20% down and wan to recoup that 10% back.
Many think that because the Federal Reserve raised the Federal Funds rate by .25% yesterday that it means interest rates went up by .25%. That is not the case! Mortgage rates actually went down almost .25%.
“When I bought it for $150,000, I borrowed some money from Great Western Savings and Loans. So I probably only had $30,000 of equity in it or something like that – it’s the only mortgage I’ve had for fifty years,” Buffett said.
Florida leads the country with almost 1 in 5 mortgage applications getting turned down.