Need opinions on strategy and loan
My mom is essentially selling her condo to me at half price. I'm currently living in it and am planning on doing so for at least few years.
I would like to tap into the equity left over to invest in a future property.
When I spoke with the lender they suggested we could do a sale now with a 50% gift of equity down payment. This would come with higher fees about $6k or so, or he suggested my mom could put me on title and after 6 months they could do a cash out refinance under just my name. This option would have less fees.
What should I do? Even though I want to take action now, I feel like I should wait the 6 months and do a refi for 85% or whatever they allow. If I do the sale now wouldn't it take longer plus a seperate loan to tap into the other half of the equity?
Thanks in advance