Real Estate

Taking out Equity in fixed rate?

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  • Jan 4th, 2022 12:27 pm
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[OP]
Newbie
Aug 11, 2010
33 posts
13 upvotes
Ottawa

Taking out Equity in fixed rate?

I am looking for some advise from RFDers. I have home equity that is just sitting there and I would like use it eventually as down payment to move into bigger house.

Should I take out the equity in my current house in a fixed rate heloc or refinance, and invest it in while i wait to see if the summer housing market will bring the house the family desires (there is no guarantee we will find the home we are seeking and it is an awfully competitive location). Or should we wait and refinance or heloc later in a possibly higher rate if the house comes along?

Are there benefits of rates for refinancing vs heloc?
And being completely new to investing, is it possible to invest in some thing where we are not locked in and are able to draw the funds when it is to be used as a downpayment?
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