What is the best choice for getting money out of my equity in my current home to purchase a second home?
sholly13 asked:
I have $70,000 of equity in my current home I need anywhere from $20,000 to $25,000 for the purchase of a second home. Should I refinance or take out an equity loan?
EFREN
I have $70,000 of equity in my current home I need anywhere from $20,000 to $25,000 for the purchase of a second home. Should I refinance or take out an equity loan?
EFREN
Unique situation. Refinance and cash out to down for a new home?
lmatrixl asked:
I own a 2-family home worth 370K. I still owe 88K with 12 years left on a 15 year loan. I owe a family member 200K in loan. I need to pay the family member back now. Can I (should I) refinance for the value of the home and pay off the family member with it? Basically, I’m moving from a non interest family loan to a mortgage. I know that, financially,it’s a disastrous move, but the situation is what it is. Also, if I wanted to buy a new home and put this one up for rent…would it be wise to refinance for, say, 320K (200K goes to the family member, 88K for the remaining mortgage, and 32K cash out to down for the new home)? So in the end I would have one two-family home up for rent and a home I will reside in. I’m hoping the rent from the two family home will cover the new 320K 30-year mortgage and my income 126K/year (gross) will cover my primary home’s mortgage. Which leads me to another question, at that income level, how much home can I afford? Thanks to any advice anyone can give!
MARCELINO
I own a 2-family home worth 370K. I still owe 88K with 12 years left on a 15 year loan. I owe a family member 200K in loan. I need to pay the family member back now. Can I (should I) refinance for the value of the home and pay off the family member with it? Basically, I’m moving from a non interest family loan to a mortgage. I know that, financially,it’s a disastrous move, but the situation is what it is. Also, if I wanted to buy a new home and put this one up for rent…would it be wise to refinance for, say, 320K (200K goes to the family member, 88K for the remaining mortgage, and 32K cash out to down for the new home)? So in the end I would have one two-family home up for rent and a home I will reside in. I’m hoping the rent from the two family home will cover the new 320K 30-year mortgage and my income 126K/year (gross) will cover my primary home’s mortgage. Which leads me to another question, at that income level, how much home can I afford? Thanks to any advice anyone can give!
MARCELINO