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re: HELOC vs cash out refinance vs second mortgage?

Posted on 5/14/22 at 12:22 pm to
Posted by saderade
America's City
Member since Jul 2005
26331 posts
Posted on 5/14/22 at 12:22 pm to
quote:

Kid’s college and car
Personally these are things I wouldn’t use a heloc/cash out refinance for. Have them take out loans for school.
Posted by slusaint13
Member since Aug 2013
114 posts
Posted on 6/3/22 at 7:14 pm to
We’re about to do this same thing. We want to custom build our next house but don’t currently have enough to buy the lot we want. We originally were gonna do a home equity loan but each rate I’m quoted is over 6.5%……no thank you.
Posted by ThanosIsADemocrat
The Garden
Member since May 2018
9395 posts
Posted on 6/4/22 at 12:09 am to
Cash out
Posted by GeismarGeauxer
Geismar
Member since Dec 2009
5246 posts
Posted on 6/9/22 at 1:10 am to
quote:

Cash out


But I have a 3% on current mortgage and it’s way higher than that now so wouldn’t that not be a good idea at this time?
Posted by AubieinNC2009
Mountain NC
Member since Dec 2018
7176 posts
Posted on 6/9/22 at 10:34 pm to
Why not go local community college for a few years to save money.
Posted by Diffusedsmoke
Member since Mar 2022
14 posts
Posted on 6/11/22 at 9:54 am to
Exactly.
Posted by cable
Member since Oct 2018
9735 posts
Posted on 6/11/22 at 11:26 am to
quote:

And what is a reverse mortgage? Same as HELOC?


Not even close
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