We are looking at purchasing a second home to use on weekends. The houses
we are looking at range in price from $75,000 to $100,000. As I write this,
mortgage rates are around 4.5%. Should we refinance our current house and use
the extra funds to buy the vacation home outright, adding the balance from our
savings? We owe $66,000 on our current mortgage at a rate of 6%. The house was
purchased in 2003 for $90,000
Read more: http://www.foxbusiness.com/personal-finance/2013/08/26/use-cash-or-mortgage-to-buy-vacation-home/#ixzz2dIDksqys