I can afford to do one of those, but not both.I think my best move is to rent out my condo ASAP, and move into a temporary rental myself, so I can begin my rental income history ASAP.  

Union city is still relatively affordable and very close to NYC.. 

., I actually have a meeting set tomorrow with M&T Bank's mortgage department.The primary agenda of the visit was information on refinancing but I'll be sure to get some details from their side as well on HELOCs. 

@Larry T.

You're right @Karyn T.  

Tell the lawyer that he or she is your favorite, but you can't afford the fee.

A) 5/1 ARM – 20-year Term; Up to 30-year AmortizationInterest Rate Options:1) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.00% + 1 point2) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.50% + 0 pointPresently: L5 Resi Owner-Occupied 5/1 ARM No Point Product is set at 2.50% therefore, the CML Non-Owner Occupied 5/1 ARM rate would be1) 2.50% +1.00% = 3.50% +1 point2) 2.50% +1.50% = 4.00% + 0 pointTerm: Max: 20 yearsAmortization: Up to 30 yearsFloor: The initial rate on the transaction will be established as the Floor rate for the life of the loan.Repricing: At the end of the initial 5-year period, the interest rate would reset to the then 1-year T-Bill Rate (Index) plus 325 basis points (margin)No prepayment penalties requiredInterest Rate Repricing Caps: 2% +/- at each change date; 5% +/- over life of the loanClosing fees: Utilize mortgage calculator fee scheduleStandard commercial real estate loan underwriting guidelines are required (i.e.

I don't have much money to start off with so I can't afford legal fees right now.

.; They entered into the debt knowing they would not be able to afford it and ultimately file for bankruptcy.

great I will look at this thanks @Linval T.