2nd mortgage

[coolformula]

Why not just get a new loan on the new property and keep your house paid off free and clear?

If you like the new property, move and sell the old one, or keep them both if you can afford it.

I wouldn't do HELOC or loan on paid off house. Banks don't ever foreclosure on paid off properties

 

[FreedomUSMC]

OP said his current house is paid off. In that case, a HELOC is the best option. No need for a new mortgage or kicking yourself in the pants with all that interest.

 

[SMLEshooter]

I say again, 100 million houses short and growing. There will be no bubble burst anytime soon.

What?? You know there are only 330 million people (not including the southern border issue...) in the US. There aren't 100 million homes in the country. That would be one home for every 3 people. How would all the existing apartments be filled? And San Fran streets be filled with homeless?

No way we're 100 million homes short of demand.

 

[wildbill1973z28]

I paid my home off in 7 years
Paid it off 2009. My 5.75 % bank CDs went to .0001% so, I paid off my mortgage. Property tax was 600 then. Now 2300.00

Yep we get ****ed all the way around! We just sold , here in the hood! House we up 90 thousand! But but but ! Now I found out that you can’t save any of that money you have to pay capital gains on it if you don’t spend it in a timely manner. **** the government **** them mother****ers

 

[diacnik]

good info

 

[DinkyDau]

What?? You know there are only 330 million people (not including the southern border issue...) in the US. There aren't 100 million homes in the country. That would be one home for every 3 people. How would all the existing apartments be filled? And San Fran streets be filled with homeless?

No way we're 100 million homes short of demand.

That is a nice comparison but...73 million are minors and I'm not sure how many couples live together..So that has a big impact on the numbers..

 

[41mag]

We paid our place off some years back.
I want to get some property….since i have mo debt on the present place we were talking about doing something like the HELOC and just having it on stand by for when the bubble pops, if it pops.
Me , i want property and can get by with a cabin…something small, with large shop/garage and just two bedrooms. I would rather have the property. Idk though….we just look at it and are afraid to go into debt again. It took a while but we finally paid it off when we got a good deal on it. Paid $125k now it is like $500+- !
Its nice knowing we dont have a payment except for taxes and upkeep. The starter home i bought we paid $52k for and when we moved from Mableton to Kennesaw i had it almost paid off. So we kept it, rented it out and when my daughter graduated college we gave it to her. Idk what its worth. I know when we moved up here we got close to my parents, my dad was getting sicker. The place we in now is just a 1/4mile from parents .
Daughter has made me proud , when we gave it to her it was clear and she got like a $70k HELOC and done a bunch of work. She has been there for about 10yrs+ i guess and has the HELOC just about paid off. She is only 35. I say it’s probably worth about $300-400 +-. Mainly because the lot sizes too are little under an acre.

 

[hikingthehills]

I paid my home off in 7 years
Paid it off 2009. My 5.75 % bank CDs went to .0001% so, I paid off my mortgage. Property tax was 600 then. Now 2300.00

If it's paid off sail it and rent. If you do believe that this market could tank then you could buy back cheaper and bigger. That's the route I took, I know it's a hell of a gamble but I see prices where they are as unsustainable long term. My realtor told me if I had sold a year and a half earlier that I would have only received around 50% of what I made. Time will tell if I made the right decision.

 

[NWSharpshooter]

What?? You know there are only 330 million people (not including the southern border issue...) in the US. There aren't 100 million homes in the country. That would be one home for every 3 people. How would all the existing apartments be filled? And San Fran streets be filled with homeless?

No way we're 100 million homes short of demand.

5.2 million, 100 million, tomato tomato.


Sometimes I post without sleep.

 

[hikingthehills]

So we have 258 million adult's over the age of 18 in the country and 139 million homes. Where is all the extra housing going? Seeing as how most adults have at least one other adult living with them something seems off.