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re: I need quick access to 75k-100k. What’s the best course of action?
Posted on 5/11/24 at 1:36 pm to MrJimBeam
Posted on 5/11/24 at 1:36 pm to MrJimBeam
I’ve got just under 100k equity in my current home. I’d only need 77k and some change to come up with a 20% down payment. I imagine that’s doable. Could I offer on it and just have the HELOC finalized by closing time? Or would the realtor need something else ahead of time? Totally ignorant on this process.
3
Posted on 5/11/24 at 3:37 pm to dualed
You need to talk to your broker about options. You may only be able to pull a LOC outside the last 15-20%, for good reason. You’ll have to pay for an appraisal that hopefully goes well, too. So just because you have what you think is 100k to use, it’s not.
Posted on 5/11/24 at 6:34 pm to dualed
quote:
I’ve got just under 100k equity in my current home. I’d only need 77k and some change to come up with a 20% down payment.
From a lending perspective, $100K of equity in a $300K home is one thing, while $100K of equity in a $600K home is something else. The percentage is what matters. What are you estimating the % LTV on your current home to be?
Next question: will you be able to support the payments on the primary home’s mortgage, this additional loan to make the downpayment on the secondary and also the mortgage or loan on this secondary property… at least until you’re able to rent the first house and whatever else you’d attempt to rent on the second property?
Last question (and it’s not loaded), how much experience do you have with rental property?
Posted on 5/12/24 at 10:29 am to dualed
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This post was edited on 5/12/24 at 10:31 am
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