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re: Better to spend all of savings and be debt free or full of debt with lots of...
Posted on 4/16/13 at 3:13 pm to townhallsavoy
Posted on 4/16/13 at 3:13 pm to townhallsavoy
Would you qualify for 2 mortgages?
Would one of them be considered a small business loan and be at much higher interest rates?
Would one of them be considered a small business loan and be at much higher interest rates?
2
Posted on 4/16/13 at 3:47 pm to Tigerpaw123
We qualify for two mortgages. Great credit scores and good enough income.
My bank said they would both be home mortgages.
My bank said they would both be home mortgages.
Posted on 4/16/13 at 3:50 pm to Tigerpaw123
Not sure what the answer is, but I don't think the answer is to carry two mortgages, even with renters in one of the houses. What if you have to make major capital improvements to either house at the same time? You're taking on quite the risk by doing this.
I'd consider selling the house by owner to avoid paying a realtor. See if this gets you back to even. At the very least, you can see where your offers come in and no what the market is telling you about the value of your home.
If you decide not to sell it, rent the house and then rent a cheap apartment while you build up more savings. Reassess in one year.
I'd consider selling the house by owner to avoid paying a realtor. See if this gets you back to even. At the very least, you can see where your offers come in and no what the market is telling you about the value of your home.
If you decide not to sell it, rent the house and then rent a cheap apartment while you build up more savings. Reassess in one year.
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