How do you use a HELOC to mortgage a property?
I'm thinking about getting a HELOC so I can purchase another property. However, is this possible to do with a mortgage? I'm thinking about this now because I'm qualifying for another property right now with cash, and I was just reminded of all of sourcing, proof of funds, seasoning, etc etc etc. If I'm using a HELOC, will I need to cash a check from the HELOC and season it before I can use it for a down payment?
If not, is it possible to just write a check right out of the HELOC?
Did I do it backwards and perhaps should have gotten the HELOC first, bought the next property out of it and then used my cash?