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Mortgage Library: Ask a Mortgage Related Question: Answers: Mortgage Timing
I own a house in Santa Barbara ( $ 1.7mil ) free and clear. I purchased a piece of property 12 miles south of Santa Barbara and will build a new house in about 2 years. I want to keep my existing house as I may want to move back into it a few years down the line. In order to build the new house I will take out a mortgage on my existing house ( which I will lease out upon completion of the new house ) in the amount of about 650k. Interest rates
are pretty attractive now and it might make sense to take out a mortgage now. However if I don't need the funds for two years I will be paying interest on the mortgage. Should I just wait and take what will invariable be a higher rate two years from now or is there some way to take advantage of the current low rates? My credit is 790 and I have no debt.
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