Can i get prequalification and you may home loan app accepted an equivalent day?
2) Paying deposit which have margin mortgage using Entertaining Agents: Entertaining Agents has actually this sweet margin mortgage solution that have 1.59% up to 100K, and 1.09% to own over 100K. I’m almost totally committed to stock exchange, and i don’t want to promote, and so i want to use margin mortgage (say import 400K so you’re able to IBKR, in which case they give me personally 200K, which will be good for 20% down-payment out-of a 1M household). Has somebody experimented with this? We advised that it so you can BoFa mortgage specialist, and he told you « we must know the terminology (cycle / interest rate from fee schedule of the margin loan) to accept our personal loan along with your deposit paid off via IBKR margin mortgage ». How come BoFa worry the spot where the deposit is inspired by?
Possess people done this, grab a mortgage away from a financial or borrowing from the bank commitment, and also make the fresh down-payment via a good margin mortgage off IBKR?
3)Prequalification: Whenever do prequalification occurs? Just what otherwise perform Now i need, and make most readily useful access to 90-go out several months after my prequalification?
The financing results you can find and those mortgages they fool around with are different. The second is often all the way down, having reasons.
Banking companies usually would like to know the source regarding funds. If someone else provided your money in order to mat out your account you to definitely you had been simply planning go back when they checked your debts, you have lower than it looks.
If you take an effective $200K margin mortgage toward $400K from equities, you will be in for an abundance of problems regarding the enjoy away from a stock exchange decline. If for example the field drops fifty%, you forgotten it-all because they will sell what was $400K off equities which will be now $200K to repay the loans in Bell loan.
