Hey all! I'm trying to work through my options in this situation:
I'm selling my house and buying another which will be more expensive. I currently own my house outright with no mortgage, so I will need to come up with the additional cash for my new purchase + closing costs. The way I see it I have three options:
- Sell my bitcoin
- Borrow against my bitcoin
- Take out a small mortgage on the new house
The first option seems like the one I want to avoid. But I'm stuck between taking out a small mortgage or a bitcoin-backed loan. From what I can tell, the APR on my bitcoin loan would be much higher than a traditional mortgage, but many services come with $0 origination fees and some (like Ledn) offer no monthly payment. But I also don't love the idea of using my bitcoin as collateral. I've been around since Blockfi and Celsius and have seen what the risks involved are.
On the otherhand the mortgage feels safer, but the added monthly cost means I'd likely slowly sell bitcoin over time to cover some monthly bills.
Anyone have thoughts on this? Am I thinking about this situation wrong or not accounting for something I should? Thanks!
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