All cash mortgage lenders
Guys came across Homelight and Flyhomes who gives out all cash offers. Are there any other lenders doing this? Reviews please if any one has used these.
SAP ARjz53 Aug 11, 2021
Is it a personal loan not secured by a mortgage on the purchased property?
Broadcom Ltd. xpeh7id OP Aug 11, 2021
They buy the house for you and you will need to refinance using conventional mortgage within 90 days.
SAP ARjz53 Aug 11, 2021
So they hold the title and can evict you if you can’t get financing
Broadcom Ltd. xpeh7id OP Aug 11, 2021
Do you get title with mortgage loan? Unless you have full cash out of pocket it’s not possible..
Facebook StrangeP Sep 2, 2021
Why did you choose Flyhomes instead of HomeLight?
I used Flyhome cash offer. The catch is you pay double fee on title and some interest that I think is around 7% APR for a month or so.
Awesome thanks. Yes I figured around $10k cost for $2m houses. How was the whole experience? Do you recommend doing it?
I don’t know if it’s location specific. But my experience is they buy the home within 15 days, and you’ll start the mortgage as soon as offer is accepted. Usually the loan closes in 30 days so Flyhome sells the home to you after another 15 days. There is no refinance involved. My experience is pretty good and there was no push from the agent. I did a lot of research so I’m not expecting any knowledge or price prediction from them. They just helped me through the process and make the offer. I got cash offer advantage and 1/3 rebate. Win win.