Homeowners with a lot of equity in their home can access funds for buying a second home or investment property. Three common options are available: a cash-out refinance, a second mortgage and a.

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A home equity line of credit (HELOC) allows you to pull funds out as necessary, and you pay interest only on what you borrow. Similar to a credit card, you can withdraw the amount you need when you need it during the "draw period" (as long as your line of credit remains open).

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 · Adequate home equity (you home equity is the difference between your home value and your mortgage balance(s). To ensure you will qualify for a home equity loan, take a personal financial inventory to make sure that you meet the criteria above and can pay back any money you choose to borrow.

Personal loans don’t draw on your home’s equity, so you can qualify even if you don’t have significant equity in your home. Mindy Jensen, BiggerPockets real estate investment community manager,

Taking out home equity to buy a second home also increases your exposure to the real estate market, particularly if your investment property is in the same market as your primary home. It’s important to consider the risks of investing in real estate and recognize that property values aren’t guaranteed to increase over time.

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Also, consumers are choosing to refinance mortgages and take cash out, rather than take out a new home equity loan. bank originations of home equity products have dropped steadily over the past decade.

Taking out equity on your current home will allow you to secure a loan or make a down payment on that other potential rental property. An additional benefit is that taking out a home equity loan allows the homeowner to remain in his current home, which he may otherwise have to sell in order to cash in on the equity he’s paid down so far.