HELOC or Second mortgage?

[Ashley Lynn]

Hi everyone! Florida investor here. Im about to purchase property #2 and will use equity from #1 for down payment. I was planning on doing a HELOC until someone mentioned a second mortgage. My understanding is it would be one lump sum and a low fixed rate of 4.25-4.47%. Since I won’t need to draw on the equity over the years this seems like the better option based on the interest rate. Are there any other differences or would one or the other hurt my ability to obtain a mortgage for property #2? Thanks for any input!