Does anyone know who will do a 3rd position HELOC on a primary residence?
Thank You!!
Why not 2nd position?
I am trying to purchase an investment property. I am using the equity in my primary residence for the downpayment. Our primary residence has a 1st & 2nd. The first is a 30yr fixed at 5%. The 2nd is a 30yr fixed @ 6.32%. Because my interest rates are so low when I do the math to refinance the 2nd so I can take the equity out of the house the best interest rate I can get now on a HELOC is 8.25%. The balance on the 2nd is $68,000. If I add the $25,000 I need to buy the investment I am paying a whole lot of interest long term. It defeats the purpose of the investment.
A 3rd position HELOC makes more sense even at a higher interest rate.
Bar-K 925-283-1771,
Lux-Mac 800-762-2274,
New Haven 818-222-5222,
Val-Chris 800-573-6669, &
Value Home Loan 877-782-2274