I am sure this has been discussed before but was wondering if some of the resident mortgage guys can answer this question for me....
I currently have a rental prop worth $400k. Owe $275k.
About to close on a second property in early September for $340k.
My question is can I somehow use the equity in the first property to use as collateral in lieu of a down payment? Not to complicate things but in doing so I would also like to refi the first property to a lower rate. Currently at 5.5%.
Given the situation what are my options and maybe more importantly the path to least resistance?
Thanks in advance!
I currently have a rental prop worth $400k. Owe $275k.
About to close on a second property in early September for $340k.
My question is can I somehow use the equity in the first property to use as collateral in lieu of a down payment? Not to complicate things but in doing so I would also like to refi the first property to a lower rate. Currently at 5.5%.
Given the situation what are my options and maybe more importantly the path to least resistance?
Thanks in advance!