Using a Heloc on my first property

[Bradley Rieger]

I'm currently house hacking my first property. its a dueplex and most of the renovations are completely. I am ready to purchase my next house hack, but I want to try and use a Heloc to pay for the down payment. Is there a benefit to using a local bank or should I use a more national company?

[Trevor Fleck]

@Bradley Rieger agree 100% with @Joshua Janus. It's sort of like negotiating online for a new car where you know the exact make, model, features, etc. that you want. You really don't care who gives it to you. So email a ton of lenders, tell them what you're trying to do, your rough credit score, and ask for a "good faith estimate" as well as a list of all lender fees (i.e., origination fees, appraisal fees, processing fees, credit score fees, etc.). Then once you have the best, email the rest and ask them to beat it. Many will try - they just have to have a competing offer so they can't be accused of engaging in discriminatory lending.