If I purchase a home in all cash would I get a mortgage or home equity loan?
I think its home equity loan not the mortgage.
If you purchased the house with all cash and shortly thereafter refinanced the property it would be a first mortgage.
The mortgage are determined as to which mortgage is recorded first no matter what they are called.
Why would you purchase an investment property with all cash, and shortly refinance it. Qualify for and get the mortgage, keep the cash for other things. The only way this make sense to an investor is that time prevents you from getting a loan.
There are tax benefits to obtaining a mortgage loan. You should check with your tax consultant prior to making this transaction.
Most investors would not purchase a property and pay all cash with their own money for an investment property, it goes against the grain of being an investor. Being an investor you should try and get into a property with as little as possible and still make a profit so as the tenants rent can cover the mortgage monthly payment, taxes and insurance as well as a little left for maintenance. Investors would not tie their money up this way.
The next thing is that if you get mortgage loan as a non owner occupied home the interest rate is higher.
I hope this has been of some use to you, good luck.
"FIGHT ON"
iIt would be considered a completely bad move. But if you insist would probably be a first. it doesn't really matter the end result is the same. Even if there is no debt on the home if you have a loan on your home that you live in then it will effect the chances of getting it all together. Some companies aren't doing investment properties at all. Others are being very skeptical.
It would be a Home Equity Loan..A Mortgage is just considered for purchasing a home and since you are paying cash, there will be no mortgage. Why not just put some of your money down and finance the rest as a second mortgage? You can at least have some tax savings at that point.
What you plan and what the banks will do are totally different. Use the cheaper option.
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Why, if you had the cash, would you pay cash for the home and then take out a HELOC???
Why not just take a normal loan to buy the home, and invest the rest of the money????
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