Disclosure: Our son never asked us to do this! Here it goes...DS #1 has an opportunity to purchase a really nice townhouse for a very reasonable price. He has some money put away but not enough to qualify for the loan on his own. We ("The parents in us") thought of refinancing our home to get the cash out to enable him to buy the townhouse out right and then pay us his portion of the refinance to us. But the other side of me tells me "Don't do it!" If we refinance we will be going to a 30 year mortgage. Our existing loan only has 4 years left if we do not pay any extra principal. What do you think?
Bring me back to reality or tell me it's okay
January 8th, 2013 at 03:28 pm