Home equity loan, heloc or new mortgage for 4th sfh

[Josie W.]

Hello, I currently have three SFH, the last one I paid fully with a loan on my home. I am searching for my 4th sfh or multifamily. Initially I wanted to get a mortgage on this next property, but after doing research, I learned the costs are less with a loan on my fully paid rental. I have been reading about people using helocs also, but I am not sure with the variable rate if I would want to take that risk. I am thinking on getting a 15 or 30 yr loan which I could pay sooner but how soon would I have to pay it to avoid the rate change?

This is what I am doing:  I have contacted a few lenders and filled my application. I am asking for mortgage rates and also loan rates for 15 and 30 yrs with 1 and 2 points. After I get all that, of course, I will choose the product where I can save the most.

I would like to hear your thoughts about this, I am still learning as I go, I think this is the best way to do this, but I wanted to share with bigger pockets. I have listened to podcasts or read forums where people shared something and got a much better way to do things and if not, there is always tons of good advice!!

Thank you very much