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Updated almost 6 years ago on . Most recent reply

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JR D.
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5
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HELOC if I already have a HEL?

JR D.
Posted

I've tried to google this with little success. I have a mortgage and a home equity loan on my primary residence. For argument's sake, let's say I have a 220K mortgage and a 25K home equity loan (mtg at 3.75% for 24 more years, HEL at 1.99% for 6 more years). When I got the home equity loan, the house was appraised around 390K. Would I be able to get a HELOC?

I'm doing a lot of reading - books, forum posts, watching videos - but I still keep running into more and more questions. I guess that's the point of learning!

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