Donate SIGN UP

refinance for land investment

Avatar Image
italianblue | 23:43 Thu 26th Aug 2004 | Business & Finance
0 Answers
The only way i can obtain a cash loan of $27,000 is to re mortgage my home, i on;y have 12 years left to pay with a $35,000 balance, most of the interest is paid already. the bank will only refinance if i take a $40,000 loan. by the time i pay broker fees and closing fees and land purchase i think i will be around the $60,000- 65k mark. my house is valued at $120,00-+ its going up around $15,000 a year, and in two years i am looking to build ahouse on this land and sell my house anyway. the problem is that i live in an area of florida where the land prices exploded over night . a piece of land i was looking at (1acre) in march 04 is now going for $27,000- 30k and is still rising monthly. either way the land and my home will appericate over the next two years. i just dont know if i am risking or paying too much just for a piece of land. i dont know what to do, help, please!
Gravatar

Answers

rss feed

Best Answer

Nobody has yet answered this question. Once some answers have been given, italianblue will be able to select one answer as the best. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
There are no answers available for this question.

rss feed

Do you know the answer?

refinance for land investment

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.