Heloc to coventional loan
Im wondering if i can use a heloc on my primary residence to either purchase or use for a down payment on an investment property and then refinance the investment property into a conventional 30 year mortgage to “pay myself back?” Any knowledge on this would be greatly appreciated, thanks!
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Yes, if you have or obtain a HELOC you can use the funds for pretty much anything. So that could very well go towards an investment property. Be sure you have cash flow to pay the monthly payments on the HELOC until you're able to refinance out the new property. And depending on how you're buying, make sure you'll have enough equity to cash out the amount you'll need to pay back the HELOC.