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re: Building a new home - what's the cheapest, quickest way to access equity in existing home?
Posted on 6/19/24 at 3:21 pm to sneakytiger
Posted on 6/19/24 at 3:21 pm to sneakytiger
quote:
We get close to itemizing with property taxes and charitable donations, but $30-40k of HELOC interest would push us into itemized, easily.
So that HELOC interest isn't deductible unless you spend it on the home used for the HELOC. After 2025, the interest might be deductible but not right now.
0
Posted on 6/19/24 at 3:41 pm to notsince98
Good point, apparently there is a fixed HELOC but not sure how prevalent and may be more costly rate/fee wise.
I was thinking home equity loan not necessarily LOC but that wouldnt be ideal as OP likely wont need the entire draw at once instead of funding the build as it progresses and no sense accruing extra interest at these rates.
I was thinking home equity loan not necessarily LOC but that wouldnt be ideal as OP likely wont need the entire draw at once instead of funding the build as it progresses and no sense accruing extra interest at these rates.
Posted on 6/19/24 at 6:45 pm to sneakytiger
I forgot a couple other advantages of the asset backed loan:
- No closing costs, origination or other fees/penalties (that I'm aware of)
- Flexible payments. (not even required to pay interest only)
My broker statement shows a minimum monthly payment. However, if I dont pay it just rolls over into the balance and accrues more interest no late fees etc. So, if cash flow is ever tight or rates drop I dont have to make any payments (not even interest only). At current rates, I've started paying it down but initially just let it accrue and threw excess cash flow at index funds until rate exceeded ~6%.
- No closing costs, origination or other fees/penalties (that I'm aware of)
- Flexible payments. (not even required to pay interest only)
My broker statement shows a minimum monthly payment. However, if I dont pay it just rolls over into the balance and accrues more interest no late fees etc. So, if cash flow is ever tight or rates drop I dont have to make any payments (not even interest only). At current rates, I've started paying it down but initially just let it accrue and threw excess cash flow at index funds until rate exceeded ~6%.
This post was edited on 6/19/24 at 6:47 pm
Posted on 6/19/24 at 8:10 pm to sneakytiger
bridge loan
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