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Home equity finance plan


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Rich's Forum Posts: 38
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By Rich in Suffolk, VA on 6/1/2007


Here is my current plan. Please give me any tips or criticisms:

Our in-laws own the land we hope to buy. I was hoping to have them gift me the land so that the title would immediately be in our name and then make payments over the next 10 years to them to pay them what the land is worth. 

Pull equity out of my current house (future rental) to finance the actual building costs. I think I can take out just over $150K, which would finance my current build estimate of $130K. I'm allowing $20K for cost overruns, plus I can always use credit cards at the end to get us into the finished house (last ditch effort!)

Once the house is finished get a final loan for the new home to pay off the equity loan, which would allow me to get a 30-year loan at a good interest rate.

My goal is to avoid a construction loan since the whole inspection and check process seems pretty painful. Thanks for any comments.


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By Guy in San Luis Obispo, CA on 6/4/2007


Rich, I saw your posting. The only advice I can give is that you check out activerain.com/jeffmortgageman to get some advice on what you're planning. Activerain is a real estate "community" that is an incredible resource for anyone trying to get info on real estate and financing. Just beware those offering to provide financing without offering education as well. Hope this helps. Also check out mtgprofessor.com and bobbruss.com for free info. I am a new mortgage planner in California.

Good luck,

Guy

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