Seeking advice - 1st or 2nd position HELOC?

[John Alosio]

Greetings BP

I'm am looking to get a HELOC on my investment property for the purpose of growing my portfolio.

I recently discovered the concept of 1st position HELOC which would replace my conventional mortgage with this variable rate line of credit. Interest only payments during the draw period (10 years)

I'm wondering if there are any advantages to trade my primary mortgage (fixed 3.5%) in exchange for a variable rate of a 1st position LOC (which I understand would be around 7% right now). Would the interest-only payments justify doubling my interest rate?

In my position, wouldn't it make sense for me to just stick with conventional mortgage and add the 2nd position HELOC? Or am I missing an key bit of information?

Thanks in advance!