to financial experts and investors... should i buy a home using equity lines to pay?

J

juni

New member
i found a good deal on a (almost dream home) house for myself to upgrade. i already own a few properties. i am really scared that loan will not go through this time. do you think it's a good idea at all to purchase this home using equity lines of credit? i will max up 2 helocs and 1 credit card for this, all at about 4% interest rate. i already have 20% for down, already got pre approval.. but my debt to income ratio is barely making it... so there is a chance i don't get approved. i really want this house. i know that my credit score will fall and heloc interest rate is adj so it's risky for long term, i am planning to pay it off in 7 yrs. how else can i get this house?
 
Interest rates will almost certainly rise in the near future and you could really have a tiger by the tail.

Why don't you look for a private investor who wants to earn more than the lousy rates CDs are paying now? Offer 5% to 6% and you'll probably have a deal.
 
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