I would like to borrow money from my home (175k balance due and 800k value) to pay off another home of mine.
San Jose, CA
2007-09-03 18:28:46 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Do a home equity line of credit( with a reputable company). You will have access to a great deal of money, yet you only have to make payments on the amount taken from your line of credit. Interest rates can fluctuate with this, however you can generally lock in rates up to three times.
2007-09-03 19:10:20 · answer #1 · answered by crazimoore 1 · 0⤊ 0⤋
Hey Javier i would love to give a an answer on that question, but i don't know the whole story. In some cases a heloc is the best way to go and in other situations restructuring your mortgage through a refinance is the best course of action to take. I am A senior mortgage consultant and banker,i would love to hear about your specific situation and organize a financial plan that fits your personal goals. E-Mail me at gregorypsitos@franklinfirstfinancial.com tell me a little detail about the deal and ill send you a few different options to chose from
2007-09-05 17:22:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I recomend you meet with a broker and ask about a refi or a second mortgage, then go to the bank and ask about the HELOC.
If your current first mortgage is a good rate, you may not want to mess with it. However you can get a 30-yr fixed rate second mortgage easily. Or, for accellerated payments, take a look at the 15-yr fixed rates instead of the 30-yr.
2007-09-04 11:53:22 · answer #3 · answered by Chris 6 · 0⤊ 0⤋
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2007-09-03 19:14:07 · answer #4 · answered by Bill P 5 · 0⤊ 0⤋
Which way will cost less when you add up all the costs ?
That should give you your answer .
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2007-09-03 18:35:00 · answer #5 · answered by kate 7 · 0⤊ 0⤋