Why wait? Your portfolio might already be the key
One of the biggest challenges I hear from folks these days, whether they’re looking for a home or an investment property, is, “I’m waiting for mortgage rates to come down.” I get it. But what if you didn’t have to wait?
If you’ve got a portfolio valued at $2 million or more, you may be able to use it to access an interest-only line of credit. At the time of this writing, a $1 million line could carry an interest-only rate of approximately 5.75%, compared with today’s higher fixed mortgage rates.
What that means for you is the potential ability to purchase that home or rental property now, without waiting for traditional mortgage rates to fall. You may also avoid much of the tedious process associated with traditional financing, including completing extensive paperwork, waiting for approval, and responding to repeated requests for additional documents.
If you’re intrigued by this strategy, feel free to leave me a message through my website or send me an email.
Disclaimers:
This content is for informational purposes only and does not constitute individual financial advice. Rates and terms mentioned are examples and subject to change based on market conditions. Portfolio-backed lending involves risks, including market fluctuations and is subject to interest rate fluctuations. All loans are subject to lender approval and are not guaranteed. Consult your financial advisor before making any decisions.