mortgage officers! What is the best way to cash out your equity without changing your interest rate, with the intent to make your first home a rental property and use the equity as a dp towards your 2nd home 🏡??

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2024-09-27 15:39

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Chelsea' DeVaughn
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6 小時內	Trishana Kimble \| Mortgage Loan Officer lendingtee	HELOC or HELOAN if you aren’t trying to touch the rate on the first.
9 小時內	JoJo DeLeon _jojodeleon	You can either do a fixed rate second, home equity line of credit (HELOC), or a fixed line of credit (basically a fixed second & HELOC in one). This is assuming you qualify based on credit, debt-to-income, & equity amount needed. Keep in mind that the interest rates are typically higher but either can be a good option if you do not want to affect your current mortgage rate. Sometimes, it is beneficial to a cash out refinance. It just depends on the scenario & goal.