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Updated over 4 years ago on . Most recent reply
Payoff line of credit?
I took out a $60k line of credit from my house to fund my first deal but I only used about $30k. With interest rates being so low, I’m looking into refinancing my home and taking cash out to pay off the line of credit so I don’t have to worry about having a 2nd mortgage on my house. I was wondering it this is a good idea since I am just starting out and if I pay off the line of credit and close the account I wouldn’t have much funds to purchase my next deal. So should I pay off the line of credit or just keep it open and refi my 1st mortgage only?
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@Bernadeau C. Flag star