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Private Lending & Conventional Mortgage Advice

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Kingsley Okwerekwu
  • Real Estate Agent
  • Boston, MA
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Flippin my 1st home, do loan terms matter if i sell 3 months L8r?

Kingsley Okwerekwu
  • Real Estate Agent
  • Boston, MA
Posted Oct 31 2020, 09:14

This may be a stupid question but... If I’m flipping a house, does it matter if a bank offers me a certain term length or interest rate if I’m just going to sell the house 3 months later?

I ask because if one small bank is willing to fund more money, but the other small bank is offering a lower interest rate and a 30 year mortgage (rather than a 25 or 20), should t I just go with bank who wants to give me more money upfront? Whether or no I take a loan with an adjustable interest rate, shouldn’t even matter too, right?

That’s what I think...but I don’t want to be ignorant of the other side...thoughts?

And if it does matter, is there anything else I should watch out for that is common in small bank loans?

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