I will be applying for two LOC's this afternoon.
One will be small (20kish) for personal use if needed while rates are low and I have money in the bank, therefore I believe the lender will look favourably upon me as a good risk candidate, because we all know banks rarely lend when we 'need' the funds. I don't 'need' them right now but in saying that, those funds will be almost depleted after I pay my contractors for renovations within the next few weeks and I don't know if the bank will be willing to lend to me then. In other words I'm playing the game because thats all investing really is, a game.
One LOC will be a tax deductible loan for as much as they will give me that I may use to capitalise interest in the years ahead, or purchase another property, or, both.
My question is this.
I don't want to pay mortgage insurance, so if I tell the lender, am I able to get the refinance done very cheaply or even free of charge for not going above 80%?
I don't want the funds if I can't get them very cheap or entirely free.
Thank you.
One will be small (20kish) for personal use if needed while rates are low and I have money in the bank, therefore I believe the lender will look favourably upon me as a good risk candidate, because we all know banks rarely lend when we 'need' the funds. I don't 'need' them right now but in saying that, those funds will be almost depleted after I pay my contractors for renovations within the next few weeks and I don't know if the bank will be willing to lend to me then. In other words I'm playing the game because thats all investing really is, a game.
One LOC will be a tax deductible loan for as much as they will give me that I may use to capitalise interest in the years ahead, or purchase another property, or, both.
My question is this.
I don't want to pay mortgage insurance, so if I tell the lender, am I able to get the refinance done very cheaply or even free of charge for not going above 80%?
I don't want the funds if I can't get them very cheap or entirely free.
Thank you.