Heloc or Loan pro,s & con,s
Was looking at a single family REO property that's Is cash sale. After looking into home equity loan & Heloc was told processing time was the same 4-6 weeks. The property was through home path and there are only couple days left on First look status. So I think I am going to miss opportunity (property) as I do not have cash In account. I do not like adjustable interest rate on HELOC and would rather have fixed loan 15yr 150k. But If this deal does not work out will have to make monthly payments and Interest until another opportunity comes along (not good). So then I am thinking HELOC then turn Into fixed rate after purchase. Would be great to here someone's experience.