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Updated 6 months ago on . Most recent reply

Ashley Anderson's profile image
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Ashley Anderson
  • New to Real Estate
  • from Phoenix AZ, United States
  • Member since Apr 29, 2024
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Ashley Anderson's profile image
Ashley Anderson's profile image
Ashley Anderson
  • New to Real Estate
  • from Phoenix AZ, United States
  • Member since Apr 29, 2024
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Ashley Anderson
  • New to Real Estate
  • Phoenix AZ, United States
3
Votes |
5
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Starting Out

Second Mortgage versus HELOC

Ashley Anderson
  • New to Real Estate
  • Phoenix AZ, United States
Posted

Good Morning! 

I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started. 

About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property. 

Has anyone used a second mortgage? Pros and Cons?

Phoenix, Arizona
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Jay Hurst's profile image
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Jay Hurst
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  • from Dallas, TX
  • Member since Mar 29, 2017
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Jay Hurst
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Jay Hurst
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  • Dallas, TX
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Jay Hurst
  • Lender
  • Dallas, TX
Replied
Quote from @Ashley Anderson:

Good Morning! 

I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started. 

About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property. 

Has anyone used a second mortgage? Pros and Cons?


HELOC= Short term uses

fixed rate second= long term uses

  • Jay Hurst
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Hurst Real Estate, INC
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