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Yes.
We're looking at a home equity loan. My wife retired from BOA and they are offering rates I can't get elsewhere with no closing costs. Problem is it can take up to 2 months to get approval. So we're thinking of a conventional RV loan and paying it off after the approval comes through.
An extra credit hit will affect your credit score and will increase your credit to debt and income to debt ratio. this could potentially raise your rate. I would do it once and do it right the first time.
It's not a question of doing it right but rather of time. I don't think the seller will wait the potential 2 months it takes to do the home equity loan before closing the sale of the MH. He might but I'm not going to ask.
So the only option is to get a RV loan and pay it off after the equity line of credit goes through. According to my wife the credit hit won't matter because the bank equity line of credit will be approved but may require us to pay off the RV loan with the equity line of credit. Actually according to my wife the bank will do this to make sure it's done. The terms are far better with the equity line of credit vs a RV loan.
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Tim
Leesburg, FL '07 American Tradition 40Z Cummins 400 ISL
Towing a '14 Honda CRV Both sold
2021 Vanleigh Beacon 41LKB 5th wheel
It's not a question of doing it right but rather of time. I don't think the seller will wait the potential 2 months it takes to do the home equity loan before closing the sale of the MH. He might but I'm not going to ask.
So the only option is to get a RV loan and pay it off after the equity line of credit goes through. According to my wife the credit hit won't matter because the bank equity line of credit will be approved but may require us to pay off the RV loan with the equity line of credit. Actually according to my wife the bank will do this to make sure it's done. The terms are far better with the equity line of credit vs a RV loan.
We re-financed our house to pay for our MH because the home loan was 3.5%. We double-paid payments, and now the MH and house loan is fully paid.
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2000 Winnebago Ultimate Freedom USQ40JD, ISC 8.3 Cummins 350, Spartan MM Chassis. USA IN 1SG 11B5MX,Infantry retired;Good Sam Life member,FMCA." My fellow Americans, ask not what your country can do for you, ask what you can do for your country. John F. Kennedy
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