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re: Financing for raw land
Posted on 5/7/23 at 10:06 am to deltafarmer
Posted on 5/7/23 at 10:06 am to deltafarmer
I've never done one like that before. So what happens after the first 7 years are up? Just principle for the remainder of the term? Sounds too good to be true.
3
Posted on 5/7/23 at 10:29 am to BillWilliamson
quote:Variable rate, they tear your arse a new one is what happens.
So what happens after the first 7 years are up?
Posted on 5/7/23 at 10:29 am to BillWilliamson
quote:
So what happens after the first 7 years are up? Just principle for the remainder of the term? Sounds too good to be true.
It’s called hybrid financing
At the end of the 7yrs, if you don’t refinance it, it becomes an ARM (adjustable rate mortgage)
Posted on 5/7/23 at 11:13 am to BillWilliamson
I will be making regular semi-annual payments amortized over 40 years for 7 years. Refinance after that hopefully at a lower interest rate.
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