Re: Am I being wise, or stupid???

Posted by oldcraneguy on November 18, 2006 at 09:48:43 from (68.215.94.138):

In Reply to: Am I being wise, or stupid??? posted by Luke S on November 18, 2006 at 07:34:25:

Luke, It sounds like you know what you want to do and I think its a good idea too but if I were you I would use the money Ive got saved and put off borrowing as long as possible, remember rule of 78 financing, you startout paying almost all interest and even at mid-term of the loan your payment is still half interest! If you use your cash on the bldg, you can always borrow money if you need to for the blessed event and maybe in a position to repay it quicker with the extra hay $ the bldg will generate, therefore paying less in interest.
Also be forewarned the "Credit lines" can be great for emergencies but Ive found (the hard way) that they can be just a little TOO convient and before you know it you dont have near as much equity as you thought...just my 2 cents worth

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