Newbie on a 1st lien HELOC
Hi BP Nation
My name is Angie from Salem Oregon.
we currently own a duplex (househacking)and we need some help or ideas.
we refinanced our duplex about 18 mos. ago From an FHA 3.25% to a 30 yrs 1st lien HELOC (6.25%) with a 10yr draw period. Because we like the idea to own it free and clear in about 4 years.
Currently we owe 150k with a value of around 450k and 180k available credit.
Our questions are.
*Should we refinance into a conventional loan and apply for a 2nd lien HELOC?
*Use HELOC to put a down payment for the next owner occupied investment, then use the extra income from duplex to pay down HELOC. then repeat the process again.
*Or Stay on 1st. Lien pay as much as we can, so in a year or two can use HELOC and get into the foreclosure wave?
*Also any recommendations on Real estate agents and CPAs. In our area?
All comments or ideas are greatly appreciated.
thank you.