Please Critique My Idea

[disneysteve]

Originally Posted by Bob B.

Use the proceeds from new loan to pay down mortgage 1 to what is needed WHEN THE HOUSE SELLS.

Originally Posted by riverwed070707

I think it's a reasonable plan, but I still think you'd be better off *saving* the difference between the value of the house and the sales price than you would paying down the existing mortgage.

I agree with riverwed. Don't pay down the mortgage. Set the cash aside to use for closing instead.

[Bob B.]

Originally Posted by disneysteve

I agree with riverwed. Don't pay down the mortgage. Set the cash aside to use for closing instead.

I apparently didn't phrase my intention correctly. When I wrote WHEN THE HOUSE SELLS, I meant set aside for closing WHEN THE HOUSE SELLS.

[disneysteve]

Originally Posted by Bob B.

I apparently didn't phrase my intention correctly. When I wrote WHEN THE HOUSE SELLS, I meant set aside for closing WHEN THE HOUSE SELLS.

Gotcha. I think that's the way to go.