Equity Home Loan
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Tap into your Equity and Buy an Investment Property
If you own your own home, even if you've bought it recently, it may be time to tap in to your equity and buy a second home or investment home with an equity home loan. In the past couple of years, real estate values have skyrocketed, leaving you will a lot of unused equity in your home. You might be thinking that you don't have enough equity to get an equity home loan if you have bought in the past year, but you may be wrong! In some areas, home values have increased so dramatically that you may have enough equity built up in your home in a mere matter of months.How much equity do I need to get an Equity home loan to buy an investment property?
The amount you need in order to get an equity home loan depends on what type of investment property or second home you want to buy. Typically you will be asked for 20% down on a second home if you are getting a 30-year fixed loan. So you would need to get at least 20% of the value of the new house from your equity home loan.Why get an equity home loan instead of saving the money or refinancing?
An equity home loan is a much better option to getting an investment property because the rates are typically very favorable as compared to saving the money. Inflation is greater than the interest you pay on an equity home loan so you will end up on top with an equity home loan. Refinancing comes with a lot of upfront cost that may not be worth it if you are trying to invest your money now, not spend it.Where do I get an equity home loan?
You can find an equity home loan just about anywhere. There are lots of great mortgage companies online that make the process of getting an equity home loan very painless and quick.