Can i get prequalification and you will home loan software accepted a comparable day?

2) Investing down-payment which have margin mortgage having fun with Interactive Brokers: Interactive Brokers has actually this nice margin financing solution that have step 1.59% up to 100K, and you can step one.09% to have above 100K. I’m almost completely committed to stock-exchange, and i also don’t want to offer, therefore i desire to use margin financing (say transfer 400K to help you IBKR, in which particular case might lend me 200K, which will be good for 20% downpayment from a 1M family). Features anyone attempted which? I advised so it in order to BoFa home loan pro, and he told you “we should instead know the conditions (period / rate of interest off percentage schedule of your margin mortgage) so you can approve our own loan together with your down payment reduced through IBKR margin loan”. How does BoFa care in which the down payment arises from?

Features anybody done so, get home financing out of a financial or credit union, making the advance payment thru a margin loan of IBKR?

3)Prequalification: When does prequalification happen? What more create I want, and then make ideal accessibility 90-day months immediately following my personal prequalification?

The credit results you will find and the ones mortgages it fool around with are different. Aforementioned often is all the way down, to own explanations.

Financial institutions usually would like to know the source out-of financing. If someone gave you currency so you’re able to mat out your account you to definitely you were simply planning go back when they appeared your balance, you have got lower than it seems.

By firmly taking a great $200K margin mortgage to the $400K out of equities, you might be setting yourself up for a great amount of soreness throughout the experience out-of a stock exchange refuse. Continue reading “Can i get prequalification and you will home loan software accepted a comparable day?” »

+ Read more…