USING A HELOC AS A DOWN PAYMENT

[Tre'nez Deriggs]

I am thinking about opening a HELOC on my primary home that I have some equity in in order to use as a down payment for my next rental property. I already know the ramifications of not paying the HELOC would have on my primary residence; i'm more so interested to see if anybody has used this method before and their experience with it. Such as how long did it take to acquire the HELOC , did it affect them getting financing for the new mortgage on their property, etc. Any advice/tips/experiences would be helpful. Thank you!