Updated over 4 years ago on .
Existing equity used to move
Alright I’ll start with I am currently in Memphis TN . I bought my first house (primary residence) approx. 2 years ago. I now found a property I really like and have decided to make an offer as quick as I could, due to this crazy market we have and I did not want to lose the opportunity on this property. I’m my current residence I have 2/3 bedrooms rented out at 600 $ a month. I owe 98000 left on the mortgage with a 15 year @2.25%. My current payment is 975/mo The house is currently valued around 250000 perhaps more as it is extensively upgraded. My hopes is to use my existing equity in my house to fund the purchase of my new primary residence, and then rent 3/3 bedrooms for a total of 1800$ a month. I understand helocs at a basic level but my realtor seemed sketched out when I tried to explain what I wanted to do. He was worried about a 30day period to obtain a heloc. Im looking for tips or alternative strategies to make this work. Also asking if some one who has done this or simulator how do I calculate out what all it’ll cost I’m struggling to figure out if through the interest only payments, payback period, my current mortgage, and my new mortgage , what all I can expect to pay/if I can afford or even if this is a good idea. Look forward to your replies and thank you in advance.