Anyone used Gold as collateral for house down payment in U.S ?

[ChillDude]

Planning to upgrade to new house in 1 - 2 yrs.. Thinking of taking loan against gold in USA and using it as down payment for house IN USA.

Read that interest on gold collateral loan is tax deductible as well, when used for house down payment.

Idea is monthly payments will go down on house and I can pay back the loan against gold in 2 yrs. Is it a good or bad idea ?

[sarfaroshi2]

Intresting, No Idea about it....

[jpismahatma]

More details if you got some 

[psycopk]

54 minutes ago, ChillDude said:

Planning to upgrade house in 1 - 2 yrs.. Thinking of taking loan against gold in USA and using it as down payment for house IN USA.

Read that interest on gold collateral loan is tax deductible as well, when used for house down payment.

Idea is monthly payments will go down on house and I can pay back the loan against gold in 2 yrs. Is it a good or bad idea ?

Loan on gold will still showup on your credit history and it could impact the total amount you qualify for

[karna11]

10 minutes ago, psycopk said:

Loan on gold will still showup on your credit history and it could impact the total amount you qualify for

Nope, collateral loans chupinchav anukuntaa.  I might be wrong.

[ChillDude]

22 minutes ago, psycopk said:

Loan on gold will still showup on your credit history and it could impact the total amount you qualify for

Its not a credit card loan.. Should not impact the total qualifying loan for the house as lenders can sell the gold if I dont pay back

[psycopk]

33 minutes ago, ChillDude said:

Its not a credit card loan.. Should not impact the total qualifying loan for the house as lenders can sell the gold if I dont pay back

But nee bank statement lo montly x amount is deducted for gold payments kada… they will check 3 month’s statements

[psycopk]

48 minutes ago, karna11 said:

Nope, collateral loans chupinchav anukuntaa.  I might be wrong.

Home equity loan ki home collateral… but it still impacts the line of credit

[pandemkodi]

5 hours ago, ChillDude said:

Planning to upgrade to new house in 1 - 2 yrs.. Thinking of taking loan against gold in USA and using it as down payment for house IN USA.

Read that interest on gold collateral loan is tax deductible as well, when used for house down payment.

Idea is monthly payments will go down on house and I can pay back the loan against gold in 2 yrs. Is it a good or bad idea ?

It will impact your loan approval amount if you take a loan for down payment , since loan Emi comes from your paycheck only 

[karna11]

6 hours ago, psycopk said:

Home equity loan ki home collateral… but it still impacts the line of credit

Ikkada heloc ki home collateral antee 2 things. 

Aa home medha loan vundha or total pay off aa?

Loan vundhantee I agree it shows line of credit ani. 

 

[ChillDude]

1 hour ago, karna11 said:

Ikkada heloc ki home collateral antee 2 things. 

Aa home medha loan vundha or total pay off aa?

Loan vundhantee I agree it shows line of credit ani. 

 

Home ki rental agreement choopiste, renter is paying off your mortgage.. So line of credit aavvadu ani vinna

[LadiesTailor]

12 hours ago, ChillDude said:

Planning to upgrade to new house in 1 - 2 yrs.. Thinking of taking loan against gold in USA and using it as down payment for house IN USA.

Read that interest on gold collateral loan is tax deductible as well, when used for house down payment.

Idea is monthly payments will go down on house and I can pay back the loan against gold in 2 yrs. Is it a good or bad idea ?

Never heard of this type of loan…. Let us know your outcome…. 
twking loan on 401k is another option if you have 401k