First Home bought - What to do next in this current market
Greetings everyone,
About a year and a half to 2 years ago now I bought my first condo. I am unsure on how to calculate the current equity or where to get that information and my goal is to turn this into a rental property while securing another home for my family and renting the current property we own.
I want to be able to know what would be the best option if I wanted to use the equity of my current home to purchase another one.
Most Popular Reply
I agree with @Nathan Gesner, get in contact with your bank and ask them for advice. They will probably offer you to take a HELOC (Home Equity Line of Credit) if you have enough equity in the property. Typically HELOCs have a variable interest rate so make sure you take that into account.