Mortgage or Cash? Closing Costs - Vaca Property

[CRM001]

What is the name of your state?What is the name of your state? New Mexico

We are considering buying a vacation home but we face several choices and decisions we are not sure what to do about. Basically, I would like to get advice on the following:
1) What would be more beneficial? To get a 10 year fixed rate loan / 5 year AMR or to get that same amount (about $80K) from a current Home Equity Line of credit?
2) Assuming I write a check from my current line of credit. Would this save me money in closing costs?
3) What are the closing costs associated to a "Cash" transaction vs a Mortgage. Would I still need a lawyer for the closing or is it simple enough to do it alone?

Thanks for the advice.

 

[seniorjudge]

"Would I still need a lawyer for the closing or is it simple enough to do it alone?"

To quote nextwife, "I wouldn't buy a piece of property from my own mother without title insurance."

You need a good lawyer, a reputable real estate agent, and an excellent title company.

Read the posts in this forum and you will see the woes of the people who tried to "save money" by doing a quickie real estate deal.

You ask good questions; some of them may be good tax questions. Post them in the tax section and tell 'em we sent you so you do not get nasty double posting warnings.