Mortgage and Home Equity on a new house
My husband and I are getting ready to buy a house. We have an amount for our mortgage that we don't want to go over but we are coming up short for the total down payment. This year we had to pay taxes and usually we get back about 10-12K each year. We were thinking about getting our mortgage and paying the total amount we what to pay but using our emergency savings. Then after we move in getting a home equity line of credit for the remainder that we took out of savings. I don't know if that makes sense but we want a mortgage around 150,000 but we are 30,000 short. We can take that money out of savings and replace it after we get the line of credit. We are normally good with money and save. We would take what ever extra money we had and whittle down the balance of the home equity. That way we would have that paid off at least within a couple years and have the mortgage payment we want. Or should we just get a higher mortgage and not touch our savings? Then we could pay down the mortgage with extra payments or refinance down the road. What would you do?