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Investing Without CashAre you curious about investing in Inland Empire real estate, but do not have a cash reserve in the bank? If you are a homeowner with a good credit standing, you can actually use the equity in your existing home to achieve the cash or line of credit necessary to start investing.
There are a few ways in which you can do this.
Refinancing
If your property has increased in value since you purchased it, and you have been making timely payments on your current mortgage, the new equity in your home provides an opportunity to negotiate a lower interest rate and maybe also some cash that you can use to invest in a new property.
Home equity loan
The new equity in your home can also allow you to receive a second mortgage, in addition to the one you already have. How big of a loan you can receive will depend on how much equity you have in your home.
Home equity line of credit
If you want to be able to use your home equity more like a credit card, opening a home equity line of credit could be for you. Depending on the amount of equity in your home and your credit rating, you are free to use your line of credit towards a down payment in a new investment.
To learn more about investing in Inland Empire real estate, contact me today.
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