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| *Loan,banking and credit>>>credit line |
Would you recommend taking a line of credit out in order to buy a new house before selling your old one? |
Would you recommend taking a line of credit out in order to buy a new house before selling your old one? No. If you take out a 2nd and for some reason you're not able to sell your house or it takes a long time to sell, you could wind up paying two mortgages. If you can afford it, then go for it. Well, you don't start paying on a line of credit until you use it. So, if you don't use it, then you should be fine. Sure. That will save Income Tax also for you. Try to avoid that. Nope, due a contengent on sale purchase. If you can afford 2 mortgages, sure. Remember that the interest rate will be around 8%, almost all HELOCs are based on prime rate(+ or-), which is at 8% currently. No, better sell and then go for it Not unless you can afford both mortgage payments, indefinately. Otherwise, the old house can end up getting forclosed upon. That would be a Bad Thing. |
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