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Reply to "I need about $20k to get us through a layoff-home equity loan?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Could you potentially refinance and cash out? I doubt your monthly would even go down much since interest rates are much higher.[/quote] Op here. This would nearly triple my mortgage. I will never refinance or sell my house because of the interest rate. We would move out and rent it before we’d even consider refinancing or selling.[/quote] OP, I don’t get the obsession with hanging onto the house at all costs. You already won the lottery by gaining $700K in equity in three years – that’s worth way more than a 2.5% interest rate. Are you aware that home prices are actually declining in areas that saw the biggest pandemic boom? I don’t know where you live, but how would you feel if your $1.5 million house were worth $1 million in 5 years? You clearly can’t afford your life – there’s a real cognitive dissonance in living in a $1.5 million house and needing to sell $2-3K worth of trinkets to make ends meet. Just sell the house and buy a more modest place in cash — and guess what, 0% interest is even lower than 2.5%![/quote] +1. You have a big opportunity here to appreciably decrease your fixed costs due to the big gain in equity. That equity may not be around forever. I know the short term problem feels most acute right now, but you clearly have a long term problem of living above your means if you had no money to spare when you lost your job. And +1 to the suggestion to find a part time job- tons of places hire help for the holidays. Would decrease whatever loan/cash advance you end up taking.[/quote]
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