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Originally Posted by wakeboarder109
I owe about 160k and the would be able to get 240k in the market give the neighborhood. Things have been pretty stable here in Virginia and selling well.
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It depends on where you go, but most lenders give the best rates for 70% or less loan-to-value ratio properties. I know there are some lenders that give the same rate for higher LTVs, but they will generally be harder to find in this day and age. Definitely do your research and look around at the specifics for each lender.
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Originally Posted by johanness
In Canada, you can only write off the interest portion of a HELOC (or amortized mortgage) on a revenue (rental) property, not on your principal residence. OP may want to check on that.
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Well, the OP is the United States, not Canada.
Mortgage and equity-based loans are tax deducible on all property types, not simply rental properties here in the States. There are different rules for what you get as a write off; however. Nevertheless, principle properties are 100% included by IRS tax codes.
Personally, being a U.S.-Canadian citizen, I definitely plan on purchasing property in Canada one day, but it'll definitely be with cash, due to the tax codes for mortgage interest deductibility up north.