All Forum Posts by: Shawn McDonnell

@Walter May I just went through this and it worked out much better to refinance our current home and then do a HELOC for three reasons. 1) Interest rates for cash out refi's are higher than standard refi. 2) The interest rate for a HELOC is based off of the prime rate which is currently historically low. Our rate was 1% over prime so it was 4.25% which is still pretty low. 3) With a HELOC you don't start paying interest on the money until you access it and only on what you spend. If you have a line of credit for 100k and only use 50k you will only be paying interest on the 50k. As opposed to a cash out refi where you are paying the interest on the entire 100k. But I would highly encourage you to speak with a local lender. I have great relationships with a couple lenders where we live and it is invaluable. Good luck to you!

@Bobbie Mixon I would be interested in any deals you have in Salisbury, MD. Feel free to send them my way, [email protected]. I have a few rental properties here at the DE beaches but am looking to invest in Salisbury. Look forward to hearing from you.