Quote:
Originally Posted by iggyntangs
In terms of making up the 5%, I was considering a HELOC? I'm not too versed in this so if someone could help me out regarding that would be great. From my understanding you can only get one from existing equity from a home? If true then I could get a LOC and then when I get enough equity take out however much is left on my LOC from a HELOC to pay it off since a HELOC's interest rate is about prime instead of prime + 6ish % and also this would give me much more manageable monthly payments if I wanted since that 2% ($300-$400ish) monthly would not be required with a HELOC?
Anyway let me know whether or not that sounds viable to make up the 5%, thanks.
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I'm afraid I can't be much help, but I do know that you can only get a heloc up to 80% of the value of the property. So if you get a mortgage for 80%, you won't be able to use a heloc to get up to 85%. Good luck, that's a tough situation.