The current mortgage balance for my house is only 5000, so it will be
paid off in a few months. (I'm also considering just pay it off now).
I'm also about to do some remodeling next year and would like to
borrow some money from the home equity. Since the interest rate for
home equity loan is higher than the 15-year fixed mortgage. So the
question is: Can I still have a normal mortgage on a house I own
outright? What's the best way to borrow money for this situation?
Thanks,
Hengyi
Posted by bondguy1824 on January 12, 2008, 5:33 pm
On Jan 10, 3:25 pm, liuhen...@gmail.com wrote:
>
> What's the best way to borrow money for this situation?
You have to run all the numbers, but at the end of the day, you have
to feel comfortable about it. If you want to continue to own your
house outright, wait until you can pay cash. Any loan with the house
as collateral means someone else has a claim on that property.
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