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Old 01-23-2010, 05:18 PM
108 posts, read 131,299 times
Reputation: 37


I own a condo outright and it's currently has a market value of approximately $120,000

Like I said I do not owe anything on it.

I want to buy another condo but I would need to take out $$ against the condo that I own outright.

I need approximately $60,000

What is my best option in terms of getting the best rate and the best terms and least closing costs?

Home Equity Loan ?

Home Equity Line of Credit ?

Refinance ? (I do NOT currently have a mortgage)

Also, which bank or financial institution would you suggest? I currently live in Kissimmee.

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Old 01-23-2010, 05:26 PM
26,589 posts, read 51,170,518 times
Reputation: 12909
There are way too many factors to get into here. I'd suggest speaking to a bank--mortgage companies seldom make HELOC's. Regions is financially stable and took no TARP money if that is important to you. (I don't bank with them or work for them, so no advertising, just fact.)
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Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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