| What would you do? Need $160K bridge for one year |
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foodeefish
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| What would you do? Need $160K bridge for one year |
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You have a home worth $700K and you owe $149K on the loan.
You have $160K in the ING account and you want to build your retirment home in less than one year, but it will cost you $250-$300K to build on your land.
Would you take out a home equity loan for $140K add the 160K in the ING account and then once the home was complete, sell the $700K house and invest the $551K?
Is there a better way to bridge needing the $160 before I sell my curent home?
Thanks
foodeefish
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Mon Mar 27, 2006 7:56 pm |
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TeenInvestor
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Well said Munee
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Tue Mar 28, 2006 4:42 am |
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efflandt
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A HELOC (home equity line of credit) may have a lower interest rate than a home equity loan, although, both are higher interest than recent past.
The HELOC would likely have a variable interest rate, but you don't pay interest on the money until you actually use it, and has more flexible payoff. So if you do not need all of the money right away, you can draw it (write a check from the HELOC) and start paying interest as you need it.
My mortgage refi last year was effectively a 1st lein HELOC with fixed rate option, that includes a free HELOC at variable rate if I ever need to borrow paid principal.
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Tue Mar 28, 2006 6:00 am |
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Andrew
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quote:
Originally posted by muneepenee
1. yu fat kats make me sik. Yu hav 700,000$ hous & yer werried bout how tu raes 150,000$ now. Ever heer av waet til yu kan afford it?
2. Sell yer hous now. Liv in a kamping traeler for a fyu months wile em bild yer nu hous.
or shood I sae the luxury 200k$ motor home thats 2 big tu fit intu yer 5-kar garage?
(I assume yer gonna hav sumwon hand-bild from skratch tu yer speks.)
3. with yer inkum, yu kan save 150,000$ in 1 yeer. Kant waet that long?
sob-sob
4. wi dont yu sell sum assets tu raes kash? Part av the 2 mil$ in investments. Or part av the pile av kuger-rand gold koins in the basement? or maby the wine kollektshun.
5. wi dont yu hav the kumpanee yu R pres av giv yu a interest-free lone?
then hav the bord "forgiv" the lone?
Please remember that posters should respect other members.
Also, writing in English might help...
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Thu Mar 30, 2006 7:41 pm |
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foxi$
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| RIGHT ON MUEECEE |
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GOOD THINKIN !
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Wed Aug 23, 2006 3:46 am |
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Sailbad
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Location: Austin TX
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| Simple |
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Sorry about the previous post. Geesh.
If you work with Merrill Lynch, Amex of similar, they can build custom product for you to bridge the deal. You have plenty of equity and you are the dream customer.
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Thu Aug 24, 2006 10:02 pm |
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