Let’s say you’ve got $100,000 or more in home equity but you’re stuck.
You locked in a 2.5% or 3% mortgage rate a few years ago, and now you’re hesitant to give it up for today’s higher rates. Totally understandable, but that equity is just sitting there.
Here’s the move: don’t sell.
Instead, tap into that equity with a HELOC, a home equity line of credit that doesn’t touch your original low-rate mortgage.
Use that HELOC as a down payment on your next home. Then before closing, rent out your current home. That rental income can offset your new mortgage, making the move much more affordable.
Now you’ve got two homes, passive income, and you’re building a real estate portfolio without giving up your low rate.
Comment below the word PORTFOLIO and I’ll show you exactly how this could work for your situation.
Like and follow for more real estate tips. I’m Chris Graves, and that’s your mortgage minute.
I can also send you a worksheet showing how the numbers may work.
978-376-5389
chrisgravesmortgageexpert.com
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