Bridge or Home Equity Loan?

Discussion in 'The Refreshment Lounge' started by Blake Bowden, Jan 19, 2010.

  1. Blake Bowden

    Blake Bowden Administrator Staff Member

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    My wife and I have been looking at houses in the New Braunfels area. Our current home has no mortgage per se, just a $59k balance on a home equity loan. We found the perfect house within our price range, but need to sell our current one.

    I like the idea of using the equity in our current home to purchase the new house but in todays market, I would hate to pay two payments and utilities for months if not years. Has anyone done this before? What do you recommend?
     
    Last edited: Jan 20, 2010
  2. Traveling Man

    Traveling Man Premium Member

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    Here's a suggestion, rent your present house out to cover the equity loan, utilities etc. Having two houses without renting one out is a task I'll never do again!
     
  3. JTM

    JTM "Just in case" Premium Member

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    2nd'd. renthouse.
     
  4. Blake Bowden

    Blake Bowden Administrator Staff Member

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    Yeah, I think we're gonna pass on the whole bridge/equity loan.
     
  5. owls84

    owls84 Moderator Premium Member

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    I have no opinion on this issue but when I come down to float the river this year YOU ARE COMING WITH MY FRIEND!!!
     
  6. JTM

    JTM "Just in case" Premium Member

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    when is this? i love floating down the river.
     

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