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Kevin Feather
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- 42 Answers
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About:
I am a Realtor associated with Zephyr Real Estate in San Francisco, CA. When it comes to my clients, I believe in Time, Commitment, and Communication -–
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Kevin Feather answered:
Hi -- I'm not certain how much research you've done or if you are only concentrating on one lender (bank). Does the 2nd loan agreement require that you get your 1st loan from that same bank? I did a quick search online and found a 30 year fixed (best loan to get) at 5.036% at Merrill Lynch.
If you can't afford the current asking price of $587,500 with the rates you are being quoted and want to get the best and affordable rate for the $417k conforming loan, you may want to think about re-negotiating your sales contract. I don't know the circumstances of your contract so I can't say for certain you can do this, but it's worth considering.
A $417k 1st loan coupled with your 10% down and your 15% 2nd loan, would get you to a total of $563,875. I'd suggest talking things over with your realtor and see if there's a way to renegoiate your offer price down by $25k. It's worth a discussion, I think. It's important to remember that besides wanting to live in the house you've found and most likely fallen in love with, you also want to make certain you aren't creating a financial burden that will make your home buying decision something that you regret later.
Good luck!
If you can't afford the current asking price of $587,500 with the rates you are being quoted and want to get the best and affordable rate for the $417k conforming loan, you may want to think about re-negotiating your sales contract. I don't know the circumstances of your contract so I can't say for certain you can do this, but it's worth considering.
A $417k 1st loan coupled with your 10% down and your 15% 2nd loan, would get you to a total of $563,875. I'd suggest talking things over with your realtor and see if there's a way to renegoiate your offer price down by $25k. It's worth a discussion, I think. It's important to remember that besides wanting to live in the house you've found and most likely fallen in love with, you also want to make certain you aren't creating a financial burden that will make your home buying decision something that you regret later.
Good luck!
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