single family house, paid cash 45k worth 97k, trying to extract equity. Unclear on mortgages vs. home equity loan.
2 Comment(s)
If you are needing some cash and want to use the equity in the investment property, look into a home equity line of credit. (HELOC)
With the HELOC, a bank will determine how much money they will give you based on the equity in the home.
With the HELOC, you draw money from the agreed upon amount and pay it back at the agreed upon interest rate.
I think you should go for a mortgage. Still, please visit a mortgage broker and discuss your case in detail. You can get some useful info on this matter from . Good luck!
If you are needing some cash and want to use the equity in the investment property, look into a home equity line of credit. (HELOC)
With the HELOC, a bank will determine how much money they will give you based on the equity in the home.
With the HELOC, you draw money from the agreed upon amount and pay it back at the agreed upon interest rate.
mister_galager | Jun 17, 2009 | Reply
Hi,
I think you should go for a mortgage. Still, please visit a mortgage broker and discuss your case in detail. You can get some useful info on this matter from . Good luck!
Dzo | Jun 20, 2009 | Reply