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Old 05/08/2006, 08:31 PM   #13
dugg
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Join Date: Dec 2003
Location: Florida
Posts: 3,807
The 80/20 loan is the way to go Travis. It is just opening a line of credit on your house right when you buy it. The 20% part is an open credit line that can be used again as it is paid off. It is also an interest only loan. The 80% is a normal home loan. You will want this opened, because most likely after you buy the house, your credit will be extended, and if you need to borrow again you won't be able to again for a few years. This gives you a safety net for emergency repairs that insurance won't cover. Pay as much as you can on the 20% line of credit and get it paid for, then it's like having that much money in the bank. It's your home equity, but it is there if you need it, at way cheaper interest then you can get for say a car loan.


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