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Should I use my home equity to buy a plot of land, then take out a mortgage to build on that land?
Should I use my home equity to buy a plot of land, then take out a mortgage to build on that land? My wife and I live in Minnesota and have built up about 90k in home equity, according to Zillow. Recently, a large, empty plot of land was listed for almost exactly that same amount in Iowa, right next to where we wanted our forever home. Potentially, we could build a new house on this plot. That said, we hadn't planned to move for another year...
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