Using investment property to buy a seasonal personal home. Heloc or Heloan?
I have an investment property that I would like to use to buy a seasonal vacation home. Both properties are in CT.
I have a main home (with a mortgage) and 2 investment properties. 1 is paid off, worth 300k and the other has about 80k left and worth about 350K. Excellent income and credit.
Wondering which way to go, Heloc or Heloan? Pro's Con's and which investment property is better to use, the one with a small mortgage left or the one that is free and clear. Thanks.