Updated almost 4 years ago on . Most recent reply
Heloc on current home to finance remodel on new house
My wife and i just closed on a new primary residence. We have decent equity in our current home, and want to turn it into a rental. However, we need to dump about 100,000 into the new home to update it the way we want it. So we want to do a heloc against our current home, and remodel the new home with that money. I don't want to do a cashout because i like our current mortgage and the interest rate. Do you know if this is possible? Or am i only allowed to take a heloc out on the new home in order to do improvements on the new home? I hope my question makes sense.