Once you buy a property, owner-occupied, how do you use that property to help buy a second for rental income? Is the equity in the first property used as collateral?
You can get Home Equity Line of Credit which lets you draw a varying amount of money up to your Max, or you can get a 2nd mortgage which is a set amount of money against the equity in your home.
Rates will depend on how much equity you have in your home. What kind of euqity are you talking about?
If you haven't bought a place yet, you may be able to get a 100% loan on your OO property at a decent rate and use your money you are holding (if you are holding any) to put down on the new property. It will probably be at a lower rate than the 2nd.
You can get Home Equity Line of Credit which lets you draw a varying amount of money up to your Max, or you can get a 2nd mortgage which is a set amount of money against the equity in your home.
Rates will depend on how much equity you have in your home. What kind of euqity are you talking about?
If you haven't bought a place yet, you may be able to get a 100% loan on your OO property at a decent rate and use your money you are holding (if you are holding any) to put down on the new property. It will probably be at a lower rate than the 2nd.
What different kinds of equity are there?