“I want to buy another home in a few months using the credit line from my current home…”
***ANSWER:
Let me stop you right there and give you this advice:
Use it or lose it!
Did you read the Union-Trib article three weeks ago about a gentleman whose bank slashed his credit line in half?
Unfortunately his bank slashed it right in the middle of a remodel that he was funding with his credit line. I know this story well as he happens to work for me.
Banks are skittish right now about losing money, so they’re cutting many credit lines without warning.
So if you plan to use funds from your credit line, you might want to pull the money out right now and stick it in the bank.
Sure, you’ll have to pay the difference between the rate of the credit line and what the bank pays you in interest, but once you pull out the money, they can’t take it away. And if you don’t end up needing the money, you can always pay off your credit line.
Selecting A San Diego Real Estate Broker
