, South Saint Paul, MN
It depends......people use their money for all kinds of reasons. The general answer is if you feel comfortable with your situation go for it. I would suggest being careful with what you are doing with the money. It may cost you more in fees now than if you were to wait until you sold your home. There are a number of ways to accomplish gaining access to the equity in your home. Some of them cost you less than others......one of the more important elements depends on the amount of money you want to take out of your home. If you want to use the money for a new property purchase (down payment, closing costs, earnest money, etc.) it would be wise to discuss this with one of your local real estate and mortgage professionals. Take the time to talk with them.......it should not cost you a dime! They want to earn your business....stay away from anything that sounds too good to be true. I know a few folks in my area that used internet banking services and thought they were getting a great deal.....until the closing day and they found out otherwise. Keep your head up and be alert when going forward with your venture.