If we devise to sell my residence inside of the subsequent 1-2 years is it the bad thought to take out the home equity loan or line of credit?
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One has nothing to do with the other. What do you plan on doing with the money? That is the important question. If you will pull out money and go by a fancy car or vacation, then yes, that would be a bad idea. But I am a bit conservative on these issues…
What would you use the money for? If it’s to improve the property, so you’ll get a higher sales price, that’s not a bad idea.
If you’re just going to waste the money on stupid consumer items, it’s not very wise.
6 of 1, half a dozen of another……..why not just refinance it? You need to get a good loan officer working on your behalf and answering these questions. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.