I have the money to move on a property through a HELOC. If I paid for a property with the HELOC I can move fast and make a cash offer to a seller.
If I decide to just pay the HELOC payments it would be interest only, but I can always add more to it w/o penelty. After the purchase I am considering then taking a traditional mortgage for 30 years and then paying the HELOC off.
Is this a method anyone on here is using lately? Do you find it beneficial since you don't have to come up with any down payment, per se, and can move fast? Or should I try to get a traditional pre-approved mortgage and just use the HELOC for a small down payment and pay on both?
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"