Apply rental property mortgage or use home equity mortgage, which is better?

[littleMike]

What is the name of your state (only U.S. law)? MA

I plan to buy a rental property, I have two options to get loan. One is to apply regular mortgage for this new purchased property, the other option will be to apply for a home equity mortgage against my own primary residence home with lower rate.

Could anyone tell me pros and cons for these two options? Thanks in advance.

L.M.

 

[sandyclaus]

What is the name of your state (only U.S. law)? MA

I plan to buy a rental property, I have two options to get loan. One is to apply regular mortgage for this new purchased property, the other option will be to apply for a home equity mortgage against my own primary residence home with lower rate.

Could anyone tell me pros and cons for these two options? Thanks in advance.

L.M.

That's not really a legal question. You should consult with an accountant to figure out the financial aspects involved with each of your two option.