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Financing in 91316 : Real Estate Advice

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Mon Jan 31, 2011
Andrew Luett answered:
Hi Bella,

I would assume your home in Chicago is a long term hold (more than 5 years) being that you just rented it out.

Based on the cost of borrowing money being historically low and the current prices of homes, I do think it is in your best interest and a great time to cash-out some equity and purchase a home on the West Coast.

Just did a quick quote from today's rates and determined that a 30 year fixed inerest rate on an investment, cash-out refinance to 70% loan-to-value and a 822 fico score is 5.125%.

Regards,
Andrew
aluett@luettmortgagegroup.com
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