Getting a Heloc for 2nd property. Is this feasible or am I stupid?
Getting a Heloc for 2nd property. Is this feasible or am I stupid? Probably stupid and wishful thinking but please explain this like I’m 5. I really am naive and don’t know much about this. We have a mortgage of $537,000 left. Our home currently appraises for $800K. Our rate is 3.25% 30 year fixed. Monthly payments are $3700. We want to move to a bigger home but keep this property and rent it out. But we don’t…