Affordable Mortgage
When you buy a second home, I use home equity or take out a mortgage?
buy a very affordable fix'r up. Afford to use home equity (prime), but there is a benefit of mortgaging some of the costs?
It will depend on your financial situation. Recording of a mortgage on another home would cost a bit more interest wise, even with a good credit score. You should sit down with your CPA or financial adviser to find out which is the best situation for you financially. It may be best to get a mortgage and use a home equity loan to such property, so you want value for which you may want to refinance it on after repair value. You might consider getting an expert to access the damages and costs repair before consummating the transaction and make this a part of your sales agreement that you reserve the right to hold contractors to assess any damage and repairs. The financial side of this transaction would best be done with your trusted financial people, so you can make an informed decision about whether this is still a viable project. I hope this has some benefits for you, good luck. "FIGHT ON"