Posted on: 21st Mar, 2013 12:02 am
My husband and I have a home that is paid for. My parents live in this home We live in another home which we are planning to sell off. If we sell the home we are living in, we are looking at gaining $60k from it. We also have $15k for the down payment. The home my parents live in is valued at $170k We are looking at purchasing a home with the similar price. Should we just get a home loan for the remaining amount or should we get a home equity loc for the new purchase using the paid for home's equity? We are barely under the 620 cut off for a loan so we are working on fixing that.
Hi Guest,
I don't think it will be a good idea to jeopardize the free and clear home. You can take out a new loan on the new property for the remaining amount.
Take care
I don't think it will be a good idea to jeopardize the free and clear home. You can take out a new loan on the new property for the remaining amount.
Take care
Welcome Guest,
I agree with Sara's opinion. As Sara has said, you should apply for a new loan on that property which you have decided to purchase. If you meet all the required criteria of the lender, then you will be able to qualify for the loan.
I agree with Sara's opinion. As Sara has said, you should apply for a new loan on that property which you have decided to purchase. If you meet all the required criteria of the lender, then you will be able to qualify for the loan.