All Forum Posts by: Julie J.

Hello all

Thank you in advance for reading my question.

My situation is

$150-180k down payment

740+ credit score

$300-400k equity in home

100K/yr income

I am trying to buy a home that ranges between $650-900k

What would be the best use of my money to qualify for best rates and more priced home? 

Pay off current mortgage or use it as down payment?

Or should I even tap into my equity to put down more on a new home?

Most lenders I've talked to said I only qualify for 500K with current situation.

Also any perspective or thoughts on Northern CA market this year?

Happy and prosperous investing

Thank you

Hi Matt

Thanks for your feedback. It sounds like we're getting close to  what I have been expecting to hear.

I know I don't need to pay off to get heloc. I am only doing it to get more out of home.

Now, do you think it makes sense to pay off 1st home to take as much or at least down payment for the new home using heloc????? That way, rental income will cover at least HELOC payment, and all I have to worry about is making mortgage payment on a new home.

Non-heloc loan's Interest may be cheaper but if I can use $85K to pay off the 1st home, rather than for downpayment and take out heloc for downpayment and make heloc payment with rental income, won't that be better use of the capital? I don't know.  

Lastly, what's your thoughts on real estate price?  Should I wait to buy?

Hi, 

I posted questions a while ago but unfortunately I didn't get the right answers or even close to it. I understand you all can be busy. Maybe my questions weren't clear. Bottom line is answers were irrelevant, so here I am trying again one last time.  If you are too busy, I suggest  skip my questions. It is better not to get any feedback than getting odd ones;)

Trying to buy town home to live in, price wise, between 350k-450k, 

I have $85k "cash down payment" with excellent credit score. 

Question is

I have rental property that will be paid off within 2 years, Of course, I will have to include $85k to do that. Once it's been paid off, I will take out HELOC to use towards down payment on a new town home or to pay big chunks of payment towards new home. If HELOC is used just for down payment, I will be able to make some payment on a town home too with rental income coming in.

OR 

Should I forget about paying off current mortgage, use the $85k down payment towards buying town home?   Now, I am only considering this route because I want to get in before home price goes up more.  But is this really a good idea????

Former is enticing because it will enable me to pay off one property and rental income will pay for the HELOC but then I still have HELOC on top of payment on a new home.

Hope I made my questions more clear this time. 

So which route should I take? Thanks in advance. 

Hi Upen

Just saw your reply.

Won't I pay PMI with only 5% down? I do have $85k for down payment so I am not looking to pay any "extra" including no points.

You or any person here really has answered my questions here.

Thanks

Not sure, if I should use equity now or pay off mortgage first and get Heloc. Just trying to buy SFH. Thanks

Hey, thanks for being #1reply:) 

No, I am looking to buy anorher property

Hello

I posted some questions earlier but maybe I posted in wrong area??? A newbie here still trying to navigate and learn.

Could you please help?

Down $80k

Excellent credit score

$350k of equity in rental home

Trying to buy $500k home

should I use $80k to pay down on rental property and take out HELOC to buy? Or should I get a loan and use 80k as a down payment? Or should I pay off entire mortgage balance and take out HELOC?

If I pay down the loan, my rental income will pay most portion of the HELOC which means my payment on a new loan will be less

BUT

if I wait

I am worried home price will become twice as much if I wait to pay off the mortgage

Or any other creative ways to buy $500k home now???

Thank you all in advance

Hello everyone 

A newbie, trying to buy $450-550K home.  

Would you mind shedding light on my situation?

$84k down payment 

credit score 790+

90k-100k/yr income

$400k equity in investment property

To buy 450-500K home

1)Should I use the 84k to pay down on investment property and get HELOC? (in this case, my mortgage balance will cut down in half and my monthly rental income will cover most of the HELOC payment)

OR

2)should I pay off the entire mortgage and take out as much of HELOC ( the problem here is, I am worried that home price will be twice as much, should I wait to pay off mortgage)

OR

3) is there any "creative financing" or better ways available that will make the purchase of 500K home possible NOW?  

Thank you all so much for all your input.  Whatever advice you can throw out would be helpful!