UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: ps97828 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: what to choose? Date: 12/21/2005 5:27 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Please help!! I want to use my current home equity to buy a piece of land in a month that costs about $60,000 and build on it in 5 years (approx cost to build $140,000). I have a 30-year fixed 80-10-10 loan on my primary residence.

Current home appraised value: $420,000
Loan 1 balance: $200,000 @5.75%
Loan 2 balance: $ 20,000 @6.625%

In this "measured rate hike" environment, should I apply for a Home Equity Loan, Home Equity Line-of-Credit, or refinance everything and take money out? Why?

Thanks for any guidance!!!
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement