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We have about $60,000 of equity in our home. We would like to get a loan on the equity so we can buy a lot to build our next home in the next few years. What will be the best and cheapest way to do that?

brian1 · Posted: Fri Aug 29, 2008 8:37 pm Post subject:

To get the most will require a cash out refinance. You may be abe to get a second cheaper but it will not let you get as much of the equity.

Brian

sara · Posted: Sat Aug 30, 2008 2:33 am Post subject: RE: equity loan

Hi Cabbett,

You can take out a second mortgage or a cash-out refinance loan on your home. But you need to decide the one that will suit you better. What you can do is, use the Cash-out Refinance vs. Second Mortgage Calculator to calculate, compare and decide upon the right choice.

Take Care

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best or cheapest way to get the equity from our home