I’m stuck on what options I have

[Brett Chemaly]

I have my current primary residence up for sale but the market is slow with no offers yet. At the same time,the rental market is strong.

I’ve built up about 400k of equity with a loan balance of approx $350k outstanding. I’ve found our next home but my understanding is that I can’t do a cash out refi to buy another primary residence unless I convert my existing loan to an investment loan, is this correct ?

if I want to keep my existing home as a rental but use the equity to put down a decent deposit on the new house, is my only option to tap my HELOC ?

Thanks