closing on 2nd home (renting first) need advice on down payment (heloc, credit card)
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Since I don't have cash from my current house (since I didn't sell it) what are my options for borrowing. My bank discouraged my from borrowing against my first house (even though I have more than enough equity).
I need around $10,000 at closing. I have credit card offers with decent rates (for the life of the balance) and thought about that - at least to get through closing and then moving it to an equity loan. I will be able to pay of the debt either way within two years, but am concerned about what the bank will say if this appears on my credit report before closing etc
Are you renting out your first house and moving into the 2nd? Or keeping the first and using the second as a rental? Do you already have an open line of credit on the first?
You should be able to use your HELOC money for closing costs/down payment on the new purchase. Just don't borrow the money until you go to closing.
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