In article . com,
wrote:

Great advice. I was wondering if it is possible to get a home equity
loan, then in a couple of months refinance both loans as interest only?
For example, my principle is 370K I plan on getting a 30K equity loan.
Then in a couple of months I want to refinance both loans into a 425K
(appraised value) interest only loan. Let me know

Yes, that is possible if you credit score and income will
support that kind of spending. But keep in mind that an
interest only loan is like committing financial suicide.
You end up never paying off any part of the loan, so you
never own anything. It is like renting except you take all
the risk and pay all the taxes. The only reason to do this
is to purchase far more house than you can afford, which
will either end up bankrupting you, or prevent you from
saving for retirement. That is OK if you don't mind fighting
with the alley cats for table scraps when you are 70 years
old.

-john-

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John A. Weeks III 952-432-2708
Newave Communications http://www.johnweeks.com
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