Updated 4 days ago on . Most recent reply
Financing question help
What's the best way to use the equity in my house to purchase my first investment property. I have about $300k of equity and have about $200k in a 401k about $10k in cash. Im looking for long term rental in my home state but willing to go out of atate. I'm thinking I use the equity for the down then a conventional loan for the remainder. Just not sure the best way to proceed.
Most Popular Reply
Patrick Roberts
#2 Private Lending & Conventional Mortgage Advice Contributor
#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
- 1,093
- Votes |
- 1,285
- Posts
Patrick Roberts#2 Private Lending & Conventional Mortgage Advice Contributor
#2 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
Cashout refi or 2nd mortgage on your primary - it will depend on the note rate and remaining balance on the current loan. Leave the 401k alone. I would not use a revolver for a permanent downpayment.