Interest rates.

Discussion in 'Everything Else' started by az240zz, Feb 6, 2018.

  1. BigRedRage

    BigRedRage badass Contributor

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    I pulled a HELOC on the old house and used that as a down payment for new house and then rented old house out. Totally possible for you if you have a lot of equity, only issue is how high all the other houses are now too.
     
  2. az240zz

    az240zz Registered Contributor

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    Locked the rate in @4.65
     
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  3. Linderbee

    Linderbee Let's GO, CARDINALS! Contributor

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    I hope it works out for you--I think it was the right call.
     
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  4. DeAnna

    DeAnna Just A Face in The Crowd

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    For someone who said they're afraid of big bills, that's kinda funny. So you are basically paying the HELOC from the rental income? Those always scare the heck outta me. Visions of 2008 when we were both unemployed - thank goodness we never took that heloc out on our house!

    But yes, consensus is that interest rates are going up. I'd look at the APR more closely - that tells you what the costs associated with that loan are.
     
  5. BigRedRage

    BigRedRage badass Contributor

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    Even with the HELOC the mortgage on that house is only $1,100 monthly (its renting out for $1,650 and that was me giving a discount).

    I had to get a bigger house, didn't have much of an option. My new mortgage is almost $1,500 monthly. That's the scary part of my life right now.
     

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