Home Equity Loan
Need to refinance the home where I live I have a 80/20 loan 80 is 6.25 adjustable and 20 is 11.5 a?
Home in california that is worth about 240000 and my balance on that is 35000 the balance on the second house is 204000 and is worth about 235000, I need some money for a bussiness how can I refinance the second and get a equity loan on the second also how do I avoid paying to much taxes if I sell the one in california
Public Comments
- You were sure in a rush to buy @ 11.5% and an 80 ARM, jeezus. Sell the second one, use the cash for your business. Better yet, pay off all of your debts with it because you have your hands full with anchor #1.
- You avoid the capital gains taxes by selling the one that has been your primary residence for 2 out of the last 5 years. Up to 250k on each of you, husband and wife. To get a loan on the house with the small loan balance you just apply for the loan. With that much equity it would be relatively fast, simple and easy. You should probably try to do just a rate and term on that 235k prop. If the one in CA is not a primary residence and you will be taxed at 15% cap gains.......consider whether you should sell outright or take the money out of it tax free with a refi that the tenants will cover the payment on. Where is it located? Depending on where it is, I may know of an interested party..... if you can discount it pretty good it may sell within a few months. There are alot of foreclosures so the market is pretty saturated right now. I wonder if you call Marty up there if he would give any advice? Cuz he sure never does here on Answers! Good Luck OBA™
- sounds like you need ot take the money out of your first not 2nd home
