Equity Line
Hey guys, I have a chance to pull out equity from a house I recently purchased. I'm thinking about pulling out about 50 of the 70K I have available and then rent the house out. From someone who has done this can you please give me some advice how to do this and maybe a particular lender you've used?? About how much will my payments be a month for 50K. Any info. would be greatly appreciated.
about 650 a month at 6.25% with insurance
Do a search at google for "mortgage payment calculator" and you'll find calculators that can calculate montly payments for you.
You can get a HELOC (Home equity line of credit) from Fleet Bank @ prime minus 1/2 a point.
In other words, the HELOC is currently charging 4%, since the prime rate stands @ 4.5%.
That's the best rate I've seen so far.
Good luck.
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You posted to the tax lien forum. Was that a minor mistake or are you thinking of investing the cash in tax liens?
If the second I would be interested in hearing more about your plan.
John
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Thanks guys for your advice. So i guess i'm looking at around $650 a month for pulling out 50k in equity. I am thinking about investing my cash into Tax liens. I currently reside in VT and they give 12%annualy. Any advice on that ?
Try going to http://www.illinois.gov/ & http://www.cityofchicago.org/CTAC/
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