HELOC or DSCR?
I need advice on getting a HELOC or DSCR in my situation. I currently own a condo that is fully paid off and I want to get a loan on it to purchase a rental in Texas where my folks live. I am currently renting out the condo to a friend. What is the best way to do this? TIA by hutton940 from Austin, Texas. Jun 9th 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
DSCR would be the "path of least resistance". Though a formal consultation would be needed to better determine.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Too many variables to give any sort of good answer without a proper consultation and review of your information. Just reach out to a local mortgage broker in your area. Tell them what you want to do, and they will take it from there. It doesn't cost anything, and it doesn't hurt anything, so just pick up the phone. I provide home mortgage loans in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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