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All Forum Posts by: Justine Lee

Justine Lee has started 1 posts and replied 3 times.

Post: New Mortgage vs Home Equity Loan

Justine LeePosted
  • New York
  • Posts 4
  • Votes 0

@Rick Imby so why is the HELOC if the interest rate is higher than a traditional loan?

Post: New Mortgage vs Home Equity Loan

Justine LeePosted
  • New York
  • Posts 4
  • Votes 0

@Jason Lee thanks so much for your insight! I'm very intrigued by the cash out refinance! Is it considered a refinance if there is no mortgage currently on the co-op? I imagine I would need to get an appraisal and then take a loan against the value of the home? And how would that work? Do you have any resources you recommend on this topic, I'm not too familiar...

Post: New Mortgage vs Home Equity Loan

Justine LeePosted
  • New York
  • Posts 4
  • Votes 0

Hi! I am new to real estate investing and own a co-op in Brooklyn, New York. I am currently saving to buy a second property. I'm wondering if it makes sense to finance this second property with a new mortgage or a home equity loan. From what I understand, home equity loans are supposed to have lower interest rates, but I'm not finding that to be true. Nonetheless, leveraging the equity in my current property (which doesn't have a mortgage) will allow me to buy a property sooner than later. Although that comes with the risk of potentially losing both properties if things go wrong. I love the BRRR method, but want to make sure Any risk I take is highly calculated. Any advice or considerations would be greatly appreciated!!!