HELOC refinance

[Levi K.]

Hello All,

It is great feeling to join this forum.
Here is my situation and my questions:

Situation :

1) I bought an investment property (condo-1bd/1bt) using HELOC (prime + 1.25%) out of my residential property.
2) Since when my residential property went up in value.

Questions:

1) What do I need to do to increase my HELOC amount (since my residential property went up in values?

2) I want to refinance the investment property in order to have fix rate.

I want to take 15years fix rate mortgage.

The issue is that, there are less owner occupants compare to renters/investors in this condo complex. What are my options? (I don't want to use hard money lender at this time since I just starting and don't have the knowledge).

Regards,
Levi

[Lisa Phillips]

Each bank/credit union is different. Credit Unions in my personal experience are easier to get money out of for many different loan products. Start calling around and ask them exactly what they need to put a loan through. Sometimes, the only thing you can do is get on the phone and call all local credit unions. Then, if that doesnt work, call in a suburb thats nearby if you cant find any you like in your city. Sometimes I go over to a neighboring city, and Ive gotten results like that.