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PCinSD.
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December 17, 2008 at 9:30 PM #14648December 17, 2008 at 10:44 PM #317268
Raybyrnes
ParticipantSeems like your long term rate of borrowing is higher than short term borrowing. WOuld be logical to put more money down and find some tease equity lines to do the remodel. Probably could find 1% for 6 months and prime minus a point thereafter.
As income come in you can pay down the equity line as a hedge against rising interest rates.December 17, 2008 at 10:44 PM #317619Raybyrnes
ParticipantSeems like your long term rate of borrowing is higher than short term borrowing. WOuld be logical to put more money down and find some tease equity lines to do the remodel. Probably could find 1% for 6 months and prime minus a point thereafter.
As income come in you can pay down the equity line as a hedge against rising interest rates.December 17, 2008 at 10:44 PM #317663Raybyrnes
ParticipantSeems like your long term rate of borrowing is higher than short term borrowing. WOuld be logical to put more money down and find some tease equity lines to do the remodel. Probably could find 1% for 6 months and prime minus a point thereafter.
As income come in you can pay down the equity line as a hedge against rising interest rates.December 17, 2008 at 10:44 PM #317684Raybyrnes
ParticipantSeems like your long term rate of borrowing is higher than short term borrowing. WOuld be logical to put more money down and find some tease equity lines to do the remodel. Probably could find 1% for 6 months and prime minus a point thereafter.
As income come in you can pay down the equity line as a hedge against rising interest rates.December 17, 2008 at 10:44 PM #317759Raybyrnes
ParticipantSeems like your long term rate of borrowing is higher than short term borrowing. WOuld be logical to put more money down and find some tease equity lines to do the remodel. Probably could find 1% for 6 months and prime minus a point thereafter.
As income come in you can pay down the equity line as a hedge against rising interest rates.December 18, 2008 at 8:46 AM #317353(former)FormerSanDiegan
ParticipantWhatever you do, I would not make plans that depend on refinancing after your remodel.
If you are able to refi afterwards, that’s great. But I wouldn’t plan on it.
I would take a fixed rate on the first and use the HELOC for remodeling (However, I doubt that you can get a HELOC for more than 90% CLTV or about 135K in this case)
Since you are planning on using a HELOC for the remodel you will have enough variable interest rate exposure.
I would not compound that with a 5/1 ARM.
Based on my personal experience your remodel may take twice as long and will cost 50% more than you plan. Also, I have a friend who is near the end of a remodel and cannot secure financing to combine his existing 1st and HELOC used to remodel (due to ~ 15% further depreciation in his neighborhood). He is stuck with the terms of his original loans.
You can plan on combining your loans after completions, just don’t depend on that happening.
December 18, 2008 at 8:46 AM #317705(former)FormerSanDiegan
ParticipantWhatever you do, I would not make plans that depend on refinancing after your remodel.
If you are able to refi afterwards, that’s great. But I wouldn’t plan on it.
I would take a fixed rate on the first and use the HELOC for remodeling (However, I doubt that you can get a HELOC for more than 90% CLTV or about 135K in this case)
Since you are planning on using a HELOC for the remodel you will have enough variable interest rate exposure.
I would not compound that with a 5/1 ARM.
Based on my personal experience your remodel may take twice as long and will cost 50% more than you plan. Also, I have a friend who is near the end of a remodel and cannot secure financing to combine his existing 1st and HELOC used to remodel (due to ~ 15% further depreciation in his neighborhood). He is stuck with the terms of his original loans.
You can plan on combining your loans after completions, just don’t depend on that happening.
December 18, 2008 at 8:46 AM #317748(former)FormerSanDiegan
ParticipantWhatever you do, I would not make plans that depend on refinancing after your remodel.
If you are able to refi afterwards, that’s great. But I wouldn’t plan on it.
I would take a fixed rate on the first and use the HELOC for remodeling (However, I doubt that you can get a HELOC for more than 90% CLTV or about 135K in this case)
Since you are planning on using a HELOC for the remodel you will have enough variable interest rate exposure.
I would not compound that with a 5/1 ARM.
Based on my personal experience your remodel may take twice as long and will cost 50% more than you plan. Also, I have a friend who is near the end of a remodel and cannot secure financing to combine his existing 1st and HELOC used to remodel (due to ~ 15% further depreciation in his neighborhood). He is stuck with the terms of his original loans.
You can plan on combining your loans after completions, just don’t depend on that happening.
December 18, 2008 at 8:46 AM #317769(former)FormerSanDiegan
ParticipantWhatever you do, I would not make plans that depend on refinancing after your remodel.
If you are able to refi afterwards, that’s great. But I wouldn’t plan on it.
I would take a fixed rate on the first and use the HELOC for remodeling (However, I doubt that you can get a HELOC for more than 90% CLTV or about 135K in this case)
Since you are planning on using a HELOC for the remodel you will have enough variable interest rate exposure.
I would not compound that with a 5/1 ARM.
Based on my personal experience your remodel may take twice as long and will cost 50% more than you plan. Also, I have a friend who is near the end of a remodel and cannot secure financing to combine his existing 1st and HELOC used to remodel (due to ~ 15% further depreciation in his neighborhood). He is stuck with the terms of his original loans.
You can plan on combining your loans after completions, just don’t depend on that happening.
December 18, 2008 at 8:46 AM #317845(former)FormerSanDiegan
ParticipantWhatever you do, I would not make plans that depend on refinancing after your remodel.
If you are able to refi afterwards, that’s great. But I wouldn’t plan on it.
I would take a fixed rate on the first and use the HELOC for remodeling (However, I doubt that you can get a HELOC for more than 90% CLTV or about 135K in this case)
Since you are planning on using a HELOC for the remodel you will have enough variable interest rate exposure.
I would not compound that with a 5/1 ARM.
Based on my personal experience your remodel may take twice as long and will cost 50% more than you plan. Also, I have a friend who is near the end of a remodel and cannot secure financing to combine his existing 1st and HELOC used to remodel (due to ~ 15% further depreciation in his neighborhood). He is stuck with the terms of his original loans.
You can plan on combining your loans after completions, just don’t depend on that happening.
December 18, 2008 at 9:57 PM #317767PCinSD
Guestbump.
Somebody just spammed the site. So I compulsively bumped enough articles to push them off the active topics list.
December 18, 2008 at 9:57 PM #318116PCinSD
Guestbump.
Somebody just spammed the site. So I compulsively bumped enough articles to push them off the active topics list.
December 18, 2008 at 9:57 PM #318158PCinSD
Guestbump.
Somebody just spammed the site. So I compulsively bumped enough articles to push them off the active topics list.
December 18, 2008 at 9:57 PM #318179PCinSD
Guestbump.
Somebody just spammed the site. So I compulsively bumped enough articles to push them off the active topics list.
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