30 Year Fixed and LOC
Hello Everyone,
Hopefully I put this post in the correct place. I just had a thought come to me. I'm currently saving up money for my first rental. SFH or small multi. My question relates to financing. I'm looking to purchase a property around the $100k mark. Put down anywhere between 20%-50% dependent on the situation at the time. And then have $10k in the bank as a buffer.
Will banks do a 30 year fixed rate loan and then also allow a LOC for the equity I have in the property for emergencies?
Just a thought. Any feedback is welcome! Thanks! Logan