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What are my options?

I purchased my first home, a co-op, in a very up and coming neighborhood in Harlem. I got a great purchase price, but had to purchase it with cash outright. My parents lent me the money for the initial purchase, so there is no mortgage, but now I am going to refinance and pay them back. I have 2 questions: 

1) where should I look for first time home buyer benefits?

2) Would I be better off with a Mortgage, a Home Equity Loan, or a Home Equity Line of Credit? I don't really understand the differences for me as a borrower.
  • November 09 2011 - Harlem
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Answers (1)

You shouldn't looks for first time buyer benefits.   You are already an owner and will not be eligible for those.

I would suggest 30 year fully amortized fixed rate mortgage for you.   This is the most basic and commonly used product.

A Home Equity Loan will have much higher interest rate and a Home Equity Line of Credit will have an adjustable interest rate.

Co-ops can be tough to finance, so make sure to find a good mortgage broker in your area who has experience with those types of loans.
  • November 09 2011
  • 0Yes

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