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Iso
by AustinC. 05/21/24 05:01 PM
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Key:
Admin,
Global Mod,
Mod
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Re: Owning / Financing Your Own Land
[Re: globe]
#1445671
09/10/15 07:20 AM
09/10/15 07:20 AM
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Joined: Nov 2005
Posts: 1,515
droptines
8 point
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8 point
Joined: Nov 2005
Posts: 1,515
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If your in a home you plan to live in the rest of your life and/or you have some equity, I see no problem at all borrowing against your home. Unless it makes your home payment go up beyond your means. 1000.00 house note is a 1000.00 house note, no matter what it's tied to it. Let me put it to you this way.... If you fell on hard times would you rather lose your house or would you rather lose your hunting land? If your answer is your hunting land, use that for collateral. The payment amount is irrelevant. It's all about the risk. I've seen people make huge financial mistakes by leveraging the equity in their home to finance all sorts of things. It's a really bad idea. If you don't have the money to pay the 15-20% down payment on a recreational tract, then you simply can not afford to buy it. Save your money and do it the right way.
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