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Updated 9 months ago on . Most recent reply

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Thomas Sehon
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Thomas Sehon
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Starting Out

Heloc or new mortgage

Thomas Sehon
Posted

Hello all,

I have a paid off home in Colorado and am looking to purchase a new rental property that we will live in for 2-3 years in South Carolina. I am trying to understand if it makes more sense to take out a HELOC to buy the 2nd property in cash or just use that for the down payment and take out a traditional mortgage. Any wisdom would be appreciated.

Take care,

Tom 

  • Thomas Sehon
    • Columbia, South Carolina
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    Thomas Sehon
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    Replied

    Thank you all for your wisdom, it seems consistent that the Heloc for a deposit only makes the most sense. 

    Take care,

    Tom 

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