Updated over 11 years ago on . Most recent reply
Loan with fast equity?!?!
what is the best type of loan to use for a buy & hold property. I plan to use the home for a couple of yrs as a primary residence but would like to have a good amount of equity at the end of the couple yrs without putting a substaintial down payment down. Do rapid equity mortgages exist? Would this be the way to go if I will use property to purchase an investment a little down the road?
Most Popular Reply
You could just get an FHA or low owner occ loan and then make double payments. All extra payment goes straight to principle giving you the equity you need. If you pay the 15 year amount on a 30 year mortgage it pays off in 15. If you have the discipline to make extra payments it would be better than getting a special product if one even exists in my opinion.
Good luck.