How a HELOC on Your Current Home Affects a Sarasota County Second-Home Mortgage

BestRate Mortgage, a mortgage brokerage operating across 12 states, has published guidance on how out-of-state homeowners can use home equity loans or HELOCs on their existing residences to fund down payments on second homes in Sarasota County without refinancing their primary mortgages. The new equity payment is counted as debt during underwriting of the Florida mortgage.