How to get approved for a HELOC

[Vicki Adams]

I inherited a property from my father. He still has a mortgage that I am paying on now. The deed is in my name, but the loan is not. I want to take out a HELOC would I have to have the loan transferred to my name? And will this also effect my first time home buyer opportunities down the line?

[Kerry Baird]

@Vicki Adams, deed conveys ownership. You can finance however you can arrange for it to happen. There are a number of banks that will do HELOCs on investment properties. TD Bank and Penfed are good to start with. Call your local banks, too.