Choice dos: Indication the home more than inside our term and take away a beneficial household collateral financing

I receive property you want to pick (You.S.). It absolutely was the 2nd day on the market and there was in fact currently a few almost every other also provides for it, so we chose to build a money provide ($230K) as the my father offered to pay it off while we figure the actual investment.

Our provide is actually approved therefore is actually closing inside the step three step one/2 weeks, and therefore now i am trying to puzzle out an educated route with the investment.

A great deal more record: We individual the very first household, really worth $120K-$140K, outright. however, intend to lease it in the place of sell it. You will find absolutely nothing money in dollars for a lower-fee.

Choice 1: Indication the home more inside the term. Generate payments to help you your up to we can determine the borrowed funds, where date we will offer him the rest of the total amount and buy our house regarding him. With this specific alternative, I’m concerned with the brand new twice charge we will pay money for the two other conversion, but don’t know what those could well be.

I checked with a local bank, and the policy was no domestic guarantee finance until six months when you choose the property*, plus another 1/8% on the interest rate. […]