Buying times and methods

[Julie J.]

Hello

I posted some questions earlier but maybe I posted in wrong area??? A newbie here still trying to navigate and learn.

Could you please help?

Down $80k

Excellent credit score

$350k of equity in rental home

Trying to buy $500k home

should I use $80k to pay down on rental property and take out HELOC to buy? Or should I get a loan and use 80k as a down payment? Or should I pay off entire mortgage balance and take out HELOC?

If I pay down the loan, my rental income will pay most portion of the HELOC which means my payment on a new loan will be less

BUT

if I wait

I am worried home price will become twice as much if I wait to pay off the mortgage

Or any other creative ways to buy $500k home now???

Thank you all in advance