Quote:
Originally posted by Tron_fdc+Sep 9 2005, 01:36 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Tron_fdc @ Sep 9 2005, 01:36 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-fotze@Sep 9 2005, 02:26 PM
Is it possible to take some of the equity out of your house and use it as a down payment for a new one?
I want to possibly move to a bigger house but would like to keep the original and rent it out. I have probably $130,000 in equity in my house and it would help alot to be able to use it for the new one.
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I tried to do that with a HELOC. You can turn your existing mortgage into a line of credit, and use up to 90% of the value of your home for whatever.
eg:
My house is worth 300k
My mortgage is currently at 190k
I can get a Line of Credit for up to 270k (90% of 300)
which means I have 80k (270-190) to use for whatever (down payment on another home, etc).
I might do that and buy a cabin somewhere. [/b][/quote]
Turn the cabin in to a church so you can pray for the mortgage rates to stay this low. It wasn't long ago when 10% was a good rate. That's double what you pay today.
Not trying to instill fear or anything, but that's a HUGE loan to pay off.
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