Should I use a HElOC or an home equity loan?

3 Replies

Should I use a home equity line of credit or an home equity loan to purchase a new rent home? I own my current home outright and its valued at about $117k. Any suggestions??

Probably need a little more information, but I have done both of these strategies. The HELOC seemed easier with less fees( I had to pull out a certain amount of money but put it right back in). Also, when I sold another place I payed off the HELOC and it is ready to be used again. Its waiting at the bank for me to use and I am paying not interest on it.

Probably need a little more information, but I have done both of these strategies. The HELOC seemed easier with less fees( I had to pull out a certain amount of money but put it right back in). Also, when I sold another place I payed off the HELOC and it is ready to be used again. Its waiting at the bank for me to use and I am paying not interest on it.

@Jesse Jones not sure the fees with each but I know a lot of guys that opt for HELOC’s, I’ll be doing the same with my new house I’m in the process of renovating. I love the HELOC strategy.. be your own private money lender!