HEL vs. HELOC vs. Cash-out refi
Aloha everyone,
I’m trying to cover all my bases here and wanted to propose this scenario to you and here your thoughts and ideas:
I’m currently in escrow on an investment property that costs $600k. I’m putting 200k down and the lender is giving me 5.35% for 30 year conventional on the property.
Important note: the property is considered a condotel with timeshares in it and there are only 4 lenders in the state willing to lend in here. Apparently that’s because the banks are unable to sell the loan to Fannie. So I’m limited on options.
The conventional may be my best bet, but I do have my house that I can work with. I have an HEL on my primary residence right now at 3.5% / 10 yrs at $100k. There is no other mortgage.
My question is what do you think is the best way to move forward? Stay with the conventional, or try to cash-out refi, HEL or HELOC on my primary? Value of primary about $700k.
Thanks for your thoughts and advice!
Aloha,
Mike