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Reply #20: Okay, so [View All]

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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-05 01:12 AM
Response to Reply #12
20. Okay, so
did you have a 30 year and refinanced into a lower interest rate at 30 years and use the equity to pay off debt and remodel?

Like my parents, this is the house they plan to retire in. They refinanced from a 30 to a 15 with a little higher payments, but years knocked off. Now, could they have taken money and payed off the car for instance, and it wouldn't have hurt them, because they're not planning on selling any time soon.

But if they were "real estate investors" refinancing and paying off debt is a bad thing?
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  -U.S. housing boom could turn into bust lovuian  May-04-05 07:56 PM   #0 
  - Flaws = FRAUD like  leftchick   May-04-05 08:00 PM   #1 
  - Sorry Leftchick I had a dupe  lovuian   May-04-05 08:02 PM   #2 
  - I am glad you told me...  leftchick   May-05-05 04:30 AM   #25 
  - c. 3% of houses on my block have been empty for months  BrendaStarr   May-05-05 02:56 AM   #24 
  - Litmus test for real estate bust  Phoebe Loosinhouse   May-04-05 08:37 PM   #3 
  - That's what I never understood about home equity  tammywammy   May-04-05 08:44 PM   #4 
     - Yes, it is a loan and you do have to pay it back, with interest  Phoebe Loosinhouse   May-04-05 09:02 PM   #6 
     - Cash-out refinance can make sense  RaulGroom   May-04-05 09:41 PM   #9 
        - There are lots of time when it makes sense  Phoebe Loosinhouse   May-04-05 09:55 PM   #11 
        - what if you shovel it back into your home?  shanti   May-04-05 09:57 PM   #12 
        - Okay, so  tammywammy   May-05-05 01:12 AM   #20 
        - If you arent planning to sell it...  LivingInTheBubble   May-05-05 08:00 AM   #27 
        - You can subtract expenses against income on rental property.  FloridaPat   May-05-05 12:03 AM   #17 
        - Okay, so you're using the equity to buy a property  tammywammy   May-05-05 01:15 AM   #21 
     - When you sell the house, you pay back a lump sum, otherwise the money  radwriter0555   May-04-05 09:07 PM   #7 
        - I read what you wrote  tammywammy   May-05-05 01:21 AM   #22 
  - in September 02 I bought this cottage for $210k and sold it yesterday for  radwriter0555   May-04-05 09:01 PM   #5 
  - Ayez un voyage sûr. Félicitations  saigon68   May-04-05 09:15 PM   #8 
  - I think your very typical of what is going on in California  lovuian   May-04-05 09:48 PM   #10 
  - Actually, they make new land more than you might think  Phoebe Loosinhouse   May-04-05 10:05 PM   #13 
     - LOL!!! I know your right!!! heres another one Location Location  lovuian   May-04-05 10:12 PM   #14 
  - $315k profit in under three years? That's crazy.  reprobate   May-04-05 11:28 PM   #15 
  - If you think that is crazy  fortyfeetunder   May-04-05 11:56 PM   #16 
  - I built a house in Central VA in July 2002 for a total of  pokercat999   May-05-05 06:39 AM   #26 
  - call me working class, but...  NorthernSpy   May-05-05 08:03 AM   #28 
  - We're trading down  ThoughtCriminal   May-05-05 12:13 AM   #18 
  - A bit of perspective...  Gregorian   May-05-05 12:17 AM   #19 
  - Alas  jfs1000   May-05-05 01:22 AM   #23 
     - Metro Boston still high (Real Estate that is)  Massachusetts   May-05-05 08:14 AM   #29 
        - It's like the tail end of a Ponzi scheme.  valis   May-05-05 08:28 AM   #31 
  - I can't decide what to do  Mizmoon   May-05-05 08:22 AM   #30 
  - Do you have space for an addition?  freestyle   May-05-05 08:51 AM   #33 
     - Yes, we could  Mizmoon   May-05-05 09:07 AM   #34 
  - How high can it go?  Tracer   May-05-05 08:39 AM   #32 
     - I think the downside might have officially begun today  Phoebe Loosinhouse   May-05-05 08:11 PM   #35 
 

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