That’s true but I don’t know enough about HELOCs. There has to be some additional cost. Otherwise the standard 20% down payment would be pointless. My guess is that your interest rate on the loan goes up as you take on more risk with a HELOC.
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You can only tap into your equity and I don’t think you can do so right away. I’m not 100% sure how they work either though I’ve never done one.
Okay I just looked it up. Typically a new homebuyer can take out a HELOC 30-45 days after close, access up to 80% of their equity value and payback over up to 20 years 😂😂😂😂😂