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Matt Lorenzo
  • Rental Property Investor
  • San Jose, CA
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Use a Home Equity Loan to Pay Off Newly Purchased Home?

Matt Lorenzo
  • Rental Property Investor
  • San Jose, CA
Posted Jul 21 2019, 07:40

Hi all,

So, my situation is as follows. I currently own 1 condo, and recently purchased a duplex. Both properties are in Cleveland, Ohio. My condo is paid off in-full. It currently appraises for $63,000. I put 25% down on the duplex and currently have a mortgage of $57,000.

Would it make sense to get a home equity loan on the condo to pay off the mortgage on the duplex? Or, do you suggest I just continue to pay off the mortgage over the next 30 years with my regular monthly payments?

I plan to buy more properties in the future and could potentially take a home equity loan on the duplex. 

Thanks very much for your thoughts and input.

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