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Updated about 6 years ago on . Most recent reply

User Stats

134
Posts
117
Votes
David W.
  • Investor
  • Los Angeles
117
Votes |
134
Posts

HELOC vs HELOAN vs Line of Credit vs ?

David W.
  • Investor
  • Los Angeles
Posted

Hello everyone!

I currently own a house in Los Angeles that is appraised value $750k. I have a 30 year fixed conventional mortgage at 3.62%. I owe $500k, have no other loans, mortgages, debt, 750+ FICO score and I am trying to find the best option to get enough money for a down payment for a second property price range $800k in Los Angeles. 

Does anyone know what the best option would be for me? I currently have about $100k liquid and a $50k line of credit available at 8.5% that I haven't touched. Technically speaking I could swing it with my own money combined with the line of credit but I would rather not stretch myself so far. 

I am not sure where to focus my efforts on and what is the best option? HELOC, HELOAN, Line of credit, etc. Can anyone give me advise on what to do to get about $150k for down payment?

Thank you Bigger Pockets community! 

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