Purchasing Home Help

General Real Estate Investing
1

Hello,

I need assistance.

Scenario:

We currently own (no mortgage) a three family rental and are looking to relocate. We found a home that is suitable for the entire family. We will sell the three family rental but that may take a while and we did not want to lose the house that we liked. So, we were considering on either refinancing or HELOC our existing home to cash buy out the target home. After the purchase we plan on selling the current home and paying off the refinance or HELOC.
I am new at this and I need to make the right choice. What is the best way for me to approach this. Please assist.

Robert

2

Check with your local credit unions. Some of them are offering HELOCS at 3% for a two year intro rate. The main thing is not the loan you get it is to make sure there is no Pre-payment if you pay off the loan early. Even if you do not belong to a Credit union it might be worth the $25 dollar donation to join.

Hope this helps…

                 Robb
3

Thank you Robb,

So you recommend a HELOC over a refinace then?

I will look into the credit unions. Thank you for the answer.

If anyone else has any information please post them.