Down Payment

[Matt DuSold]

Basically my question is, Is it a bad idea to use a HML for a down payment on your first property?

I will be fresh out of college next summer when I intend to buy my first property. By that time I will have about 15K to work with but don't exactly want to zero out my account.

I will have a job where I am making decent money next year and will be living at home so I will not have huge expenses. This is why I feel if I were to get a HML for say 20K on a quad worth 100K something along these lines I would fare OK.

I would clearly be able to pay off that HML but it just worries me a bit to have to pay off two loans. It also scares me to zero out the account. I didn't know if anyone has done this or something like this before.

Thanks for any help.