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Updated almost 5 years ago on . Most recent reply
How does Heloc vs Refinancing Work?
Hello! Newbie here!
I'm a little confused with how HELOC or Refinancing works when it comes to taking Equity out to use as a downpayment for a 2nd or a next property for investment.
Can someone please explain to me with an example? I hear it on the podcasts a lot, but still a little confused on exactly how the process works :(
Thank you so much BP community, any answers is much appreciated!!
Most Popular Reply
Think about a HELOC as a credit card - you only make payments when you buy stuff with it.
A cash out refinance will provide you all the funds at closing but you'll start paying on the entire loan immediately.
- Cameron Tope
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Emerson Property Management
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