Posted by Reb on December 08, 2003 at 16:43:20:
home equity loans
http://www.4-less.biz/credit/homeLoans.html
Equity line or Investment loan? - Posted by R.C
Posted by R.C on October 16, 2003 at 17:20:22:
What would be the best way(financially) to purchase an investmnet property givin my scenario.
I currently own a home(primary residence) that is worth 625-650K I owe 489k. Should I get an equity line of credit on this home? Or get an investment loan with maybe 95% fin. My mid score is 711. I will purchase any property that is good deal in my budget. My plan is to sell investment property within 6-12 months(rent it out untill then) in my booming community.
I have thought about, it seems every possible scenario, but really don’t know best way to go.
My current lender has mentioned a re-fy and cash out. but I will be taxed on that money that comes to me so really don’t want to go that way. Equity line I will get interest deduction and not taxed on any cash since it is not being paid to me.
I was really wanting to get the equity line because I can use it for whatever reason including a 25k reserve.However I’m not certain best way too go.
I make good money 360k gross or 25k-40k monthly net
I believe my debt to income ratio is about 25% gross monthly or 45% net monthly. I am on my 3rd primary residence in 3 years. I’m not new to home financing but really I guess looking for best advice.I can provide more info. if neccesary.
I have been scouting for good lenders for best rate too.