Are you dreaming of a new home but reluctant to let go of your killer low mortgage rate? Then read on for a real estate tactic that is a game changer for anyone looking to purchase a new home without losing their low rate.
If you bought a home a few years ago, you probably have a great interest rate. Chances are that don’t want to lose that rate! If you’re in this position but want to move and buy a new home, you might feel stuck between your current rate and buying a new home.
Don't let your current good interest rate hold you back from your dream home. Instead, leverage your current interest rate and home to build your investment portfolio and strengthen your financial future.
To do this, you’ll use a Home Equity Line of Credit (HELOC) to pull some of the equity out of your current home. You’ll use this equity as a down payment on your new home and then move into the home you’ve been dreaming of!
But here's the twist: instead of parting ways with your current home, you’ll transform it into a rental property This strategy not only maintains your low interest rate on your current mortgage but will also generate a source of passive income. If you price your rental right, you can generate enough income to cover the mortgage on your first home while also covering some of the mortgage on your new home, creating a win-win situation for your financial stability.
With this approach, you’ll maintain your current low interest rate while also building equity in two homes at the same time. Now, you’ll be able to grow equity in both your current and new home simultaneously, paving the way for long-term wealth.
By leveraging the untapped potential within your current property, you can make strategic moves in real estate and grow your investment potential.
Let's embark on a journey to unlock the full financial potential of your property.
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