Comments on: Home equity loans used as investment?

By: engineer50

engineer50 — Sat, 06 Mar 2010 05:14:27 +0000

The only ways to "release the equity" in your home is by (1) selling it or (2) taking out a loan. If you do the latter, yes, you are in effect "upping your mortgage" by that amount. If you do it via a home equity loan (second mortgage), the interest rate will probably be higher and the term shorter than a first mortgage.

By: Radar Man

Radar Man — Sat, 06 Mar 2010 05:14:26 +0000

HEL is a second mortgage. The interest rate is normally higher than what you would get on first mortgage. Since you have two loans to pay you the payment will go up. Exact amount is unknown due to interest rate, credit score, and income.
Contact your local bank to get an estimate.

By: TheGeneral

TheGeneral — Sat, 06 Mar 2010 05:14:26 +0000

dont do it untill the market is strong .