Gasbrommer
Joined: 24 Oct 2008
Posts: 6
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| Posted: Tue Mar 31, 2009 5:30 pm Post subject: HELOC vs Refinancing |
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Hi,
I'm thinking of buying a "short sale" house. I can get it now for $59,000. Say I fix it up within 2-3 months and the mortgage amount left will be about ($54,000: original - downpayment, …). However, the properties value will now be say $80,000. Would it be smart to refinance and get cash out (say $15,000), or add HELOC to it? I do see that HELOC rates are higher.
What are the advantages vs disadvantages of this? |
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MortgageMike
Joined: 14 Apr 2009
Posts: 3
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| Posted: Tue Apr 14, 2009 9:16 pm Post subject: |
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Hey Gasbrommer!
Interesting question, there are BIG differences between HELOC's and Refinancing.
I have a blog which contains information about this, it is located on Blogspot (I'm sure you have heard of it)
The address is howtosaveyourmortgage.blogspot.com
Cheers! |
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