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Ok here is the details: we currently live in a 700 sq ft. no basement 2 bdrm old house with a small lot in town. Its cheap $300 a month Morg. We have 7 years left to pay on it. Now We are looking at purchasing a home that has 5.1 acres for 3 bdrms, full basement, for $129,000. We could rasie animals, become more self sufficient, what we have strived for. Since my husband decided to start his own business, We are in a bind for down payment.. obviously we would need $26,000 to put down on the house.. we only have 7,000. in savings. We would like to use the proceeds of selling our current house but not sure we would be able to sell in time for offer. So we have $30,000-40,000 in useable equity in our current home Would it be not a good financial move to refinance current home into a 30 year to get the money out of it to put down on new home and then sell or rent out current home.. being that we would refinance to 30 yr mor. payment would not change. We carry not other debts.. just my husbands line of credit for his business.. Am I totally upside down in my thinking?
Ok here is the details: we currently live in a 700 sq ft. no basement 2 bdrm old house with a small lot in town. Its cheap $300 a month Morg. We have 7 years left to pay on it. Now We are looking at purchasing a home that has 5.1 acres for 3 bdrms, full basement, for $129,000. We could rasie animals, become more self sufficient, what we have strived for. Since my husband decided to start his own business, We are in a bind for down payment.. obviously we would need $26,000 to put down on the house.. we only have 7,000. in savings. We would like to use the proceeds of selling our current house but not sure we would be able to sell in time for offer. So we have $30,000-40,000 in useable equity in our current home Would it be not a good financial move to refinance current home into a 30 year to get the money out of it to put down on new home and then sell or rent out current home.. being that we would refinance to 30 yr mor. payment would not change. We carry not other debts.. just my husbands line of credit for his business.. Am I totally upside down in my thinking?
