Next time I will refrain from typing from my cell phone while attempting to provide some hints of background into it. (Yes, very hidden in the post were my concerns about buying with such unfavorable valuation. The math adds up when you look at the prospect of renting for the next 5+ years at $2100 month a 90 sqft 2bdr).
flu and millennial got it right. The goal of this would be to split the loan amount into two loans, with one that I will be paying off in the short term.
My biggest concern is that I am absolutely unfamiliar with HELOC (home equity loans). How can I access this kind of loan without having any equity? Probably the name is misleading.
Is there an alternative approach to split the mortgage into a 30-year and a whatever makes sense load that would be payed off in less than 2 years?
