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Updated almost 11 years ago on . Most recent reply

Jayme Mendal's profile image
Jayme Mendal's profile image
Jayme Mendal
  • from Cambridge, Massachusetts
  • Member since Mar 30, 2014
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Jayme Mendal's profile image
Jayme Mendal's profile image
Jayme Mendal
  • from Cambridge, Massachusetts
  • Member since Mar 30, 2014
Connect
Jayme Mendal
  • Cambridge, MA
8
Votes |
5
Posts
Starting Out

Financing a purchase w/ a Home Equity Loan

Jayme Mendal
  • Cambridge, MA
Posted

Hi - I would like to acquire a property, but am short $20-30K for the downpayment. That said, I have $300K+ equity in my primary residence. Is it possible to (and/or advisable to) draw a home equity loan against my primary to bridge the shortfall for the downpayment and help me acquire the property? Any alternatives or red flags I should be thinking about?

Any thoughts or suggestions on this would be much appreciated!

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