I'll frame this hypothetically.
Let's say a person lives in a very nice paid-off condo but would greatly prefer not to have such close neighbors who are increasingly driving her batty Let's say she decides to look casually for a single family home to move to, planning to put her condo on the market only if the dream house comes along since this would impel her to make a decision she is too conflicted to make at the moment. Let's say all her money, except for an emergency fund of about $11,000. is invested and she'd prefer not to pull it out due to tax implications, etc. But she will need to have a pile of cash for the house downpayment sitting at the ready should the right place appear in an increasingly hot market. She thinks a contingency would be ideal but perhaps this won't be possible. Let's say she may need about $60,000--ie. 20% down on a $300,000. house.
How does she get this pile of money without waiting a couple years to build it up? Should she take a home equity loan or is it stupid to be paying interest on a loan when she doesn't know when (even if) she may use the bulk of it? What she'd really like is a loan that can happen very fast when and if the right house comes along. She's afraid that, if she applies for a loan when the house appears it will be gone before the loan comes through.
Rambing here. . .any thoughts or advice for this hypothetical and deeply conflicted person?
Let's say a person lives in a very nice paid-off condo but would greatly prefer not to have such close neighbors who are increasingly driving her batty Let's say she decides to look casually for a single family home to move to, planning to put her condo on the market only if the dream house comes along since this would impel her to make a decision she is too conflicted to make at the moment. Let's say all her money, except for an emergency fund of about $11,000. is invested and she'd prefer not to pull it out due to tax implications, etc. But she will need to have a pile of cash for the house downpayment sitting at the ready should the right place appear in an increasingly hot market. She thinks a contingency would be ideal but perhaps this won't be possible. Let's say she may need about $60,000--ie. 20% down on a $300,000. house.
How does she get this pile of money without waiting a couple years to build it up? Should she take a home equity loan or is it stupid to be paying interest on a loan when she doesn't know when (even if) she may use the bulk of it? What she'd really like is a loan that can happen very fast when and if the right house comes along. She's afraid that, if she applies for a loan when the house appears it will be gone before the loan comes through.
Rambing here. . .any thoughts or advice for this hypothetical and deeply conflicted person?