My family is considering purchasing a small cabin, worth $70-80k. I'd like your thoughts on financing.
Pertinent background information:
In my early 40s with kids around 10 years old
Income around $80k
Currently have mid six figures in retirement accounts
Paid off residence
Have approximately $50k in taxable investments
Have access to $75k thru HELOC
My current thought is to tap the taxable investments for $30-35k, then pay the rest thru the HELOC. Then, focus for the next couple years on "RE-FILLING" the taxable investments up to $50k again, as they also serve as my emergency fund.
What do you think might be the best way to finance?
Conventional 15 or 30 yr mortgage?
Use HELOC?
Pertinent background information:
In my early 40s with kids around 10 years old
Income around $80k
Currently have mid six figures in retirement accounts
Paid off residence
Have approximately $50k in taxable investments
Have access to $75k thru HELOC
My current thought is to tap the taxable investments for $30-35k, then pay the rest thru the HELOC. Then, focus for the next couple years on "RE-FILLING" the taxable investments up to $50k again, as they also serve as my emergency fund.
What do you think might be the best way to finance?
Conventional 15 or 30 yr mortgage?
Use HELOC?