Updated about 4 years ago on . Most recent reply
TWO WAYS we can buy our DREAM HOME, which is better?
My wife and I would like to buy our dream home next year as our first live-in residence (We’re renting now).
PAST- We bought our first investment home 7 months ago and we have a Hard Money Loan that I'd like to turn into a long term option in the next couple weeks.
PRESENT- We are buying our second investment home now but we have enough cash to do it without needing to pull out equity from our first investment home.
FUTURE- Next year, we would like to buy our DREAM home (3rd home, first residence) for ourselves and we’ll need all the money we can get.
OPTIONS
1. Get a 30 year fixed mortgage now and do a HELOC, Cash-Out, or Home Equity line of Credit when we're ready to buy this expensive home next year. We will have more equity at that point.
2. Transfer my Hard Money Loan into a Cash-Out Refinance now. I’ll get cash that I can save up for our dream home and save a step next year when we’re ready to buy our dream home.