Mortgage questions and refinance questions. Help!!!!
Found a deal that needs to be closed before I can get financing lined up. Looking for advice. I will give yeah my current details.
Deal: Purchase price of $45,000.
Option 1? I am in a position to close quickly where I could use $30,000 home equity and have another $15,000 provided by private lender. Although I would probably need to use cash from Roth IRA to fix the place up. Question is once the place is fixed up how long would I need to wait to refinance and pull my money back out?
Also any other options that would be better?
Rental Portfolio
House #1 I owe $9,500 on mortgage (conventional loan 15 year) and have a $30,000 home equity loan open on it. Value $75,000
House #2 I owe $13,000 on mortgage (private loan). Value $70,000
Condo #1 I owe $15,000 on mortgage (private loan). Value $30,000
Condo #2 I owe $25,000 on mortgage (5 year fixed rate then variable after that) Value $38,000
401k don't really want to use as I understand there will be penalty.
Roth IRA can use cash I have put in without a penalty.