Home Equity

[Reaper]

Originally Posted by fotze

I also recommend going for something high risk with this type of investment.

As do I. I want there to be a large selection of foreclosed homes available to me after the economic bust.

[photon]

Originally Posted by Reaper

As do I. I want there to be a large selection of foreclosed homes available to me after the economic bust.

Bust?? Lol all we need is a good solid 10% dip, people will lose it and be doing anything to get out of their houses.

[ken0042]

I think we may be seeing the start of the dip. At the peak this spring two houses identical to mine sold for $345-350K. Now there's a guy who started at 343K and is now down to 319K; he has been at 319K for 6 weeks now and the house has been on the market for at least 4 months.

[V]

Originally Posted by photon

Bust?? Lol all we need is a good solid 10% dip, people will lose it and be doing anything to get out of their houses.

I wish. Nope, interest rates are gonna have to spike before we have tonnes of cheap houses available to us.

[V]

For the first poster, yes you can borrow 25k from a HELOC, and yes, it's going to cost you an arm and a leg. About 7k. I don't know if you've got a slam dunk investment that's going to make you 15k, but there are probably better options out there than the HELOC.

[Shazam]

Originally Posted by Dominicwasalreadytaken

For the first poster, yes you can borrow 25k from a HELOC, and yes, it's going to cost you an arm and a leg. About 7k. I don't know if you've got a slam dunk investment that's going to make you 15k, but there are probably better options out there than the HELOC.

I did look into a HELOC to replace our two ULOCs with CIBC. It would've cost about $500 - they had a special going on about a two months ago; it might still be on.

[V]

Did you need a high ratio HELOC, though? That's what's going to cost the original poster so much money.

[Shazam]

Originally Posted by Dominicwasalreadytaken

Did you need a high ratio HELOC, though? That's what's going to cost the original poster so much money.

Good point. I was only looking for $25K, but my mortage is less than 40% of my house's value, and the LOC was to consolidate other LOCs, so it wasn't going to increase my debt ratio any.