Resolved Question: Can I skip my last mortage payment and use it to pay $1000 off of my home equity loan before closing?

I own land with an appraisal value at $38,000. I want to get a loan to build a home on it with a construction cost of around $85,000 (my step father own's a construction company). I was told that after the house is constructed I would have about $100,000 in equity because the value of the home will be so high (very good neighborhood and the homes are selling like crazy in the low to mid $200's and the home I am going to have built will be much bigger and nicer).

My question is, how hard would it be for someone with bad credit to get a loan for $85-90k for this project? I wanted to add that I do own the land free and clear.

Voting Question: Investing in Real estate in India from US?

Hi,

I work in the United States. I am planning to invest money in real estate in India. I was planning to do the following,

1. Take a Home equity loan in United States.
2. Send money to a NRE account in India.
3. Invest this money in real estate in India.
4. Book some profit and deposit the money back to my account in US.

I had the following questions,
1. What are the taxes that I will have to pay in India.
2. When I take the money back in US, how will I be taxed.
3. Is everything that I am doing legal here?

Many thanks in advance,
Nirav

Resolved Question: Can I skip my last mortage payment and use it to pay $1000 off of my home equity loan before closing?

I have a Mortgage payment due Novemeber 1. The place is going to be sold Novemebr 14. I was going to take the money I would use to pay the mortage and take $1000 off of the home equity loan (Principal) so it is that much less that I have to pay out of pocket at closing. Is this smart or dumb?

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