This will help get you a lower payment for the first 2-3 years of ownership and allow you to refiance when rates come back down.Show as urlRemove3-2-1 Buydown Mortgage: Meaning, Pros and Cons, FAQsA 3-2-1 buydown mortgage offers borrowers a three-year break from high interest rates.

Good evening,Looking to connect with others in the real estate and mortgage space. 

In a perfect world, I would be able to command a rent high enough to at least earn 0% on the house to pay down the mortgage.

But not pull the equity to pay off mortgages just yet.

You can also set up online payments.

First, there is no institutional lender that I know of that would touch doing a HELOC behind a mortgage that did not belong to the borrower.

I now try to purchase most of my rehab items online and you'll save a ton compared to going to a home depot or Lowes.

I am getting only 1.5% returns without taking into account the equity building portion.Mortgage tax write off is 0 as I currently pay mortgage on my primary residence.I have used this property as my primary home for 2 years in last 5 years.

Back to finance question, would it be a better decision to take the funds from the sale of the 2 acre lot and pay off the current mortgage (~$150k) and live in the current home for a year or so (in hopes that interest rates will go down) then refinance that take out $400k from equity (~$750k) to build new house? 

The 1st mortgage was extended by 32 months.