Updated almost 8 years ago on . Most recent reply
Please help to figure out
Hey guys, I feel like I start to freak out and when I freak out I can’t think strait, so can u help me please to put this all in place? I am buying a fourplex for 250k and I need at least 25% down , which is what, about 50-60k?
I have a rental that is almost paid off so I can refinance it or take a Heloc , whichever is quicker or better ... I owe on it 6 k and Zillow appraised it at 83k.. I’ve never taken Heloc so how does it work?
Do they give me the money right away and if I am not ending up buying the fourplex then Since I took a heloc it is considered that I took a loan and still have to pay interest on that heloc ?
Or does heloc work like some sort of credit card and it doesn’t charge interest until you start buying something ( a house in my case) , so if I end up not buying the fourplex then I don’t have to pay interest on heloc?