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Answers (1)
- Pasadenan
- Contributions:21450
It all depends on how much equity you have, how you want to withdraw the equity, what your loan to value ratio would be, and what your total debt to income ratio would be.
If you are already underwater, forget it. Also remember that if you sell, the Realtors take 6% (which could eat up all your equity), and that there are additional selling costs (termite inspection, escrow fees, title recording fees...)
And if you took the equity in the form of a Home Equity Line of Credit (HELOC), you may be paying higher interest rates on that borrowed money.
You need to sit down with a good Financial planner at your local church.
If you are already underwater, forget it. Also remember that if you sell, the Realtors take 6% (which could eat up all your equity), and that there are additional selling costs (termite inspection, escrow fees, title recording fees...)
And if you took the equity in the form of a Home Equity Line of Credit (HELOC), you may be paying higher interest rates on that borrowed money.
You need to sit down with a good Financial planner at your local church.
Can a homeowner use their first home as a down payment on a second home?
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