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Updated about 2 years ago on . Most recent reply

Josh Wallin's profile image
Josh Wallin's profile image
Josh Wallin
  • from Reno
  • Member since Nov 30, 2022
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Josh Wallin's profile image
Josh Wallin's profile image
Josh Wallin
  • from Reno
  • Member since Nov 30, 2022
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Josh Wallin
  • Reno
5
Votes |
26
Posts
Private Lending & Conventional Mortgage Advice

HELOC or equity loan for down payment?

Josh Wallin
  • Reno
Posted

Is it a better option to use a HELOC or home equity loan to finance the down payment on your next property? What are the pros and cons of each?

Reno, Nevada
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Ash Hegde's profile image
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Ash Hegde
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
  • Member since Oct 10, 2022
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Ash Hegde's profile image
Ash Hegde's profile image
Ash Hegde
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
  • Member since Oct 10, 2022
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
350
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470
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
Replied

If it's going to be long term in nature, a fixed rate home equity loan is less risky than a variable rate HELOC. That is the main difference between the two. Be aware that the payment for either one will be added to your monthly debts when applying for the mortgage on the investment property which could affect if you qualify or not.

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