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I'm looking to purchase a 16 acre piece of land. The cost is
$120,000. I currently live in a condo with about $25,000 in equity. I
would not build on the land for at least a year. If I can get a 20%
down payment ($18,000) then I can get a loan for 6.8%. Otherwise, I
can get a 100% loan @ 8.25%.
How is the best way to get the 15% down payment? Someone said I could
just pledge my existing equity as colateral, without taking a home
equity loan, but I've never heard of this. Is this possible?
Thanks!
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Buying second property
