Home equity for a third property?
As a homeowner with two properties, I am considering the possibility of obtaining a home equity loan to fund the purchase of a third property while also completing some much-needed renovations on my first home. However, given the current market conditions and the recent purchase of my primary home last June, I am unsure of the best approach to take. Are there any recommended strategies for obtaining a home equity loan and purchasing a third property in this unique situation? by jasper808 from Agoura Hills, California. May 23rd 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) get the HELOC on your primary residence for as much as you can 2) get pre approved for the new property so you can be assured you have a loan and also so you are aware of all the current numbers ( rate/ fees/ costs / payment / cash needed 3) you are allowed to use the HELOC for the down payment
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Reach out to me for your options....Short answer is yes you secure a Heloc within the combined loan to value guidelines and credit guidelines. 562.254.5616
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Pulling money off an existing property via a home equity loan to use as down payment on another property is extremely common. It is hard to counsel you if it is the 'best approach' without a full review of your complete financial picture, but it is an extremely popular route. I lend in FL, MN, WI, IA, ND, and SD. Find me at Joemetzler.com/apply | Cambria Mortgage, NMLS 274132
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