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There are many variables to consider when reviewing your refinance &/or home equity options. The best way to determine which option makes the most financial sense and matches your overall goals is to have a TOTAL COST ANALYSIS provided to you. This analysis will break down the interest left on your current mortgage & compare the interest and costs of refinancing, along with strategies on how to best use/re-direct the savings.Feel free to contact me with any questions. We'd be happy to provide you with more information.Best regards,Steve
Great advice from all who answered. When you can do it financially, only do it if you really need it.
It really depends on what you plan on doing with the equity line. Consult an accountant and financial advisor to find out how this will impact your long term financial goals. I would outright avoind using your home as an "ATM" machine. As already stated in the other posts, if you financed the majority of your purchase price you may not have enough equity to put a home equity line in place. You should talk to a lender first to see if you have any equity loan options.
Unless you put down a very large down payment, chances are good that you don't have sufficient equity in your home after 1.5 years to qualify.
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For Sale: $995,000
For Sale: $459,000
For Sale: $90,000