Equity Line of credit or a total new loan for investment property?

2016-03-16 8:19 pm

I am currently interested in a condo that is about $650K. This condo will be used as a rental which I am thinking to invest on.

更新1:

Based on the per-approval from my bank, I could only get about 60% loan to this condo, but I need a minimum 35% down-payment. I could get an equity line of credit from the house I am currently living in, which is about the full price of this investing property. Options 1) all that I could loan from the new lender plus the minimum in the equity line of credit? 2) 50% from the new lender and 50% from the equity line of credit? 3) totally from the equity line of credit?

回答 (4)

[匿名]

2016-03-18 8:32 pm

Refinance for current value and withdraw the equity.

👍 0 👎 0

[匿名]

2016-03-17 9:37 pm

You should check with the building HOA. Many condo associations do not
allow units to be rented out.

👍 0 👎 0

A Hunch

2016-03-16 8:26 pm

Once you pull out a HELOC or Equity Loan on your existing property, you will no long be eligible for the loan for $390,000, since the HELOC / Equity loan will be part of your debt to income calculation.

Why are you considering a HELOC instead of an Equity loan?
HELOC has higher interest rate and is used similar to a credit card (when you need a portion).

👍 0 👎 0

The Oracle of Omigod

2016-03-16 8:23 pm

I hope you have lots and lots of money. A good rule of landlording is that you should plan for a 10% vacancy factor. So, while your place is vacant you can pay for the mortgage, the real estate taxes, the expensive HOA fees, and maintenance and repairs because no tenant ever leaves a rental in rentable condition when he moves out. This will be several thousand dollars a month out of your pocket when someone moves out. I figure I can safely net 50% or 60% of gross rental fees - but I have no mortage and no home owners association fees.

👍 0 👎 0

[匿名]

2016-03-16 8:21 pm

Equity line of credit on what equity?

👍 0 👎 0

收錄日期: 2021-05-01 01:06:29
原文連結 [永久失效]:
https://hk.answers.yahoo.com/question/index?qid=20160316121936AAnYwAK

檢視 Wayback Machine 備份