I am interested in buying a beach rental house. What is the best way to finance approx $1M?
Is it a good idea to use the home I live ins equity towards the down payment? Or is it better to keep the 2 separate? Thanks!
I do have 20% and can easily qualify for 20% more if I add a portion of the equity from my home.
Hi Debo,
It really depends on your financial situation.
You’ll need at least 30% down, so do you have enough equity in your current home? How much equity will you have left in your home, this will effect the interest rate you qualify for.
Hi Debo,
It really depends on your financial situation.
You’ll need at least 30% down, so do you have enough equity in your current home? How much equity will you have left in your home, this will effect the interest rate you qualify for.
References :
I’m a mortgage banker/broker