Cash purchases make up 30% of luxury home sales. There are many reasons for this. Some can afford it and say, why not? Others do it so they can move quickly to buy before someone else beats them to it. However, there may be better ways to invest that money – a second home, stocks, bonds, gold?? So why not use some of that money you have tied up in your luxury home for other investments.
There is a quick and easy way to do that and it’s called delayed financing. This must be completed within six months of purchase – measured from date of original purchase to date of the new mortgage loan. The new loan amount can be no more than the actual documented amount of the borrower’s initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan.
For more information call, text or email me: Dale Athanas, Loan Officer, NMLS#1065087, Northeast Financial Mortgage, 860-876-0466, dale@daleathanas.com
