Re-mortgaging house vs. HELOC

[dimsum]

Hello all,

I was wondering if anyone had any experience in re-mortgaging a house and/or taking a Home Equity Line of Credit (HELOC) for a down payment on another property.  Specifically, why one would be "better" or "worse" than another, or are they just different? 

Thanks!

 

[AbdullahD]

I have skin in this game from the position of a real estate investor, but I am not qualified to propagate it.. any rate, I think this article may be worth a read. Side note it is tougher to give an opinion, without knowing context because each system has different pros and cons... a heloc, remortgaging and say a manulife one system all have different uses..


Any rate I hope this article helps... If you wish me to answer a question directly i will as long as you realize I am not qualified to do so (this article also says everything I wanted to).

https://www.mybanktracker.com/news/refinance-vs-heloc

Abdullah