Is this feasible? - Posted by Barbara (ME)


#1

Posted by Sheik on October 28, 1998 at 09:40:56:

You might want to consider a credit line as well. This
can be backed by a 2nd mortgage on your home.
You might pay a little higher rate but you get charge
only on what you use and the interest may be
deductable.

-Sheik


#2

Is this feasible? - Posted by Barbara (ME)

Posted by Barbara (ME) on October 28, 1998 at 07:23:50:

Have read JP’s article on creating notes.On a house with still over 50% equity (refinanced last Spring at too high an interest rate) is it possible to create a note and sell it so that $10,000 cash can be obtained for future real estate investments? Or would refi again or home equity loan be more feasible?House owned for 12 years, credit fair.Thanks
Barbara (ME)


#3

Re: Is this feasible? - Posted by Barbara (ME)

Posted by Barbara (ME) on October 28, 1998 at 20:16:36:

Thanks for all your replies!

Barbara (ME)


#4

Re: Is this feasible? - Posted by Paul Macdonald

Posted by Paul Macdonald on October 28, 1998 at 19:24:10:

Do the refinance. If as you say your last refi. was at too high an interest rate, than you could very possibly pull the 10K cash you want (up to 75% LTV with Fannie Mae or Freddie Mac standard cash out programs) and you could be paying less than you do now! Ask your local broker about premimum pricing on the new mortgage vs. paying discount points. That way you can choose a low or no cost refinance or buy down to get a very low, low interest rate. You pick what works best for you depending on how long you are going to stay in your house.


#5

Re: Is this feasible? - Posted by J.P. Vaughan

Posted by J.P. Vaughan on October 28, 1998 at 10:32:35:

Hi Barbara,

With a 50% equity position, it should be a snap for you
to refi to get some cash. It will be way less expensive
than private money.

JPV