10 years ago I did manage to buy a property or say get into a mortgage and get a home which was at that time around 1.1M in south bay (Sunnyvale) and per Redfin currently my home is worth 1.9M..
Comps for the area justify it and 2 homes sold few months ago were listed for 1.7M and went for 1.9 and 1.95M respectively. Rest of the homes show prices are between 1.7-1.9m
Question— can I take 700-800k equity loan and keep the cash with me and hope when recession is here and prices cool down I get another home? I know I have to pay it off but since market is hot why not take advantage?
Tc 270k
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Most lenders have a maximum loan to value ratio for HELOC loans.