2007-11-24 11:54:29 · 4 answers · asked by Lynn S 1 in Business & Finance ➔ Personal Finance
I want to consolidate my credit card bills and use some of the cash for more property.
2007-11-24 12:25:11 · update #1
I want to consolidate my bills and use some of the cash to purchase additional properties.
2007-11-24 12:26:09 · update #2
If I were you, I would SELL the investment property, pay off the credit cards, and use any remaining cash to buy more property FREE AND CLEAR.
2007-11-24 12:52:00 · answer #1 · answered by STEVEN F 7 · 1⤊ 1⤋
You will need to weigh the closing cost and rate on a refinance VS the higher rate and shorter term on a HELOAN.
Keep in mind that any NOO (investment ) refinance or HELOAN is going to have a much higher rate than a standard Primary property refiance
2007-11-24 12:07:36 · answer #2 · answered by mortgagesaver01 4 · 0⤊ 0⤋
Never take a home equity loan. You put that money on your house and something happens and you cant make the payments you lose your house.
2007-11-24 12:27:36 · answer #3 · answered by heybulldog 5 · 0⤊ 0⤋
ONLY If you have a specific use of the money that earns you more than
the payments you would incur.
I can guide you.
free
kkemper@mindspring.com
2007-11-24 12:00:41 · answer #4 · answered by kemperk 7 · 0⤊ 0⤋