Overcoming hesitation on heloc

[Joey Swearingen]

I want to tap into my equity to get another rental, but I have a hesitation or fear of doing a heloc because I don't want another monthly obligation to worry about.  I have an amazing rate on my mortgage of 2.85 so I don't want to cash out refi.  Any advice?

[Jonathan R McLaughlin]

@Joey Swearingen yea I’m going to build on @Mike Dymski here. Creating a line of credit is one thing, using it in this climate is another. They usually aren’t fixed, and they can be called. And fixing at these rates if you can really compromises that historically low rate you have in your primary.

Full disclosure I have used them a bunch, and it’s a great tool but we just zeroed ours out a few months ago.

I think your fear is rational, and appropriate and you should only use something like that right now if it is screamingly obvious