QUOTE (billybonks @ Apr 4 2008, 10:34 AM) I have two houses I would like to take equity out on. And looking to JV with a friend what would be the best option? Is ther a way I could save money by buying or investing this money into another house?
Thanks,
Hi there,
In the same boat here ...pondering your very same question. Have equity built up in our home and wondering if a LOC is better or a 2nd Mortgage for future investments. I`m told the LOC is a better bang for your buck and you can use it as you will and only be charged on the amount that you use and not like a mortgage where you need to make payments on the whole amount. However now having said that, the only danger with the LOC is that it is "demand type loan" where the bank essentially can ask for the whole amount back at any given time if/when they should need it. Usually when the economy goes bad. Now I also read something about wrap around mortgage so if you have more than one property, there may be something like that. I`m sure a mortgage broker could help tell you all the loaning options you can make and depending on your situation which one that would suit you best.
