Home Equity Loan instead of second mortgage?
I'm buying a small condo in the northeast as an investment property for now and a place to retire to in 10 years.
I'm trying to decide between getting a traditional second mortgage or getting a home equity loan.
The condo I'm planning on purchasing is $69,000. My current home is appraised at $625,000 and I've got $250,000 of equity in it, but I'm planning on selling my home in a couple of years.
Because I'm planning on selling my current home, the home equity loan seems like a good option. That way my second home will be fully paid off when I sell my primary home.