Is Collateral Mortgage a good idea?

[Patti Townsend]

Hello everyone,

I am needing some advice as I am new to this!

So I'm trying to get into real estate investing. I own my own property that I currently live in. I went to the bank to see if a can get preapproved to buy and rental property. Going to use HELOC to put a downpayment and Reno's and closing cost. Than the word Collateral mortgage came out. Questioned the bank about it and they said yes we have to use your home as a collateral mortgage in order to use the line of credit. I can go conventional but I am not able to use the line of credit if I do so. So my question is. Is it a good idea to try to brrrr using a collateral mortgage!? Has anyone does this before doing a brrrr? I'm also due for a renewal.

Thanks!