Comparing Home Equity Loan and HELOC-What should I know?
Hey BP. Help me plan ahead a bit and try to map out my next move. I also might be overthinking this, but its because you dont know what you dont know haha
If I had a paid off rental, what would be the differences in using a Home Equity Loan vs a HELOC to purchase a new rental? I understand basics of both and also know HELOCs on rentals are not easy to come by.
I would think a equity loan would be better due to 20 years and fixed rate.
If I used a HELOC, would I then refinance cash out of rental #2 to pay off the HELOC and get it into a 30 year?
Just trying to visualize what these would look like and what is best for me and my goals. Thanks for any help you can offer