Does anyone have firsthand experience with the HELOC market right now? Seems like from what I see one could expect to pay 4% fixed for a $200K HELOC assuming all drawn at once. The objective would be to buy a new place without selling our current house as we could rent it for the 15 yr mortgage payment, using the HELOC proceeds for the down and keeping mortgage debt close to even. In that case would the purchase be considered a primary, and if so what are the ramifications for the existing mortgage on our current primary, that would become an income property?
Thanks.
Thanks.