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Updated over 3 years ago on . Most recent reply

Beginner investor and would love some advice please
Hi BP community,
I'm a beginner investor and would love some advice please. I live in a condo located in California and have a mortgage. I want to buy a second property - my goal is to buy a multifamily and move into one of the units, then rent out my condo.
I'm trying to figure out if it makes sense to do a cash-out refi or a HELOC on my condo to get the down payment for the new property. My current mortgage has a very low 2.75% interest rate... all of the quotes I'm getting for refi are 4%+. The variable nature of the HELOC freaks me out a bit in the current environment we're in, but it would give me the option to pull out equity while leaving my current 2.75% mortgage rate as is.
I'd love any guidance you can offer - thanks in advance!
Most Popular Reply

You are absolutely right, in the current environment it probably is prudent to keep the lower interest rate you have secured but the variable nature is also a scary thing. With the news today what the fed is doing, it is only going to get harder to get good rates on debt. Good luck!