How to finance vacation home?
My friend & I are looking to go in on a condo in Wildwood Crest. He will be getting a 2nd mortgage. I was going to get a flex HELOC where I work (I can lock in up to 3 times in 15 years). I work at a credit union, so any closing costs are waived plus I get a point discount on rates (cannot go below 4% heloc & 4.5% conv 30 or 20). My home mortgage is a 15 year at 4.875%, and I only have a balance of 57k left. Given interest rates are a wash, I was wondering if it was better to pay off my primary and get a mortgage (150K) to cover my half of the vacation home in the Crest. To anyone, please advise pro’s & con’s. Thanks!
