I wish I'd purchases "More Wealth" years ago, it might have prevented me making a few mistakes along the way. I've got a couple of question regarding 1 of those mistakes...
Situation 1 details -
A few years ago we purchased a block of land, which is worth around $70,000 today (purchased for $72,000 around 5 years ago). That land has been paid for and we are now looking at building a house on that land, which we will then rent out.
Our family home has a mortgage of around $130,000 left on it.
Question 1 -
Can we move $70,000 (or any amount) of our mortgage off our family home and onto the block of land?
Situation 2 details -
When we were married we were given 45 acres of rural land (recently valued for a bank loan at $50,000) as a wedding present. We are considering building a house on this land and renting it out.
Questions 2 (only relevant if the answer to question 1 was yes) -
Can we move $50,000 (or any amount) of our mortgage off our family home and onto this block of land?
Thanks,
Chris
Situation 1 details -
A few years ago we purchased a block of land, which is worth around $70,000 today (purchased for $72,000 around 5 years ago). That land has been paid for and we are now looking at building a house on that land, which we will then rent out.
Our family home has a mortgage of around $130,000 left on it.
Question 1 -
Can we move $70,000 (or any amount) of our mortgage off our family home and onto the block of land?
Situation 2 details -
When we were married we were given 45 acres of rural land (recently valued for a bank loan at $50,000) as a wedding present. We are considering building a house on this land and renting it out.
Questions 2 (only relevant if the answer to question 1 was yes) -
Can we move $50,000 (or any amount) of our mortgage off our family home and onto this block of land?
Thanks,
Chris