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Updated about 5 years ago on . Most recent reply
Nicole Heasley BeitenmanPoster
#5 Medium-Term Rentals Contributor
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#5 Medium-Term Rentals Contributor
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- Youngstown, OH
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Can I take out a 1st mortgage if I pay cash?
Nicole Heasley BeitenmanPoster
#5 Medium-Term Rentals Contributor
Pro Member
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
Hi BP! I've been researching this question, and Google is only giving me info on second mortgages. If I buy a property free and clear with cash, can I then take a mortgage out on it instead of a HELOC? It would be owner occupied, but would I be limited to a HELOC if it wasn't?
TIA!
Most Popular Reply
Hi @Nicole Heasley Beitenman. You can take out a mortgage (cash out refi) on a non-owner occupied property you own free and clear. I did this exact thing and used the proceeds to buy another rental.