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Updated over 1 year ago,
HELOC - Reappraisal?
I currently have a $75,000 HELOC on my primary property that I've used for investing in properties using the BRRR method mostly. I opened up this HELOC about 3 years ago and now the market price for my house has gone up significantly. So, I've talked to my bank about upping my HELOC through a new appraisal. However, the kicker is that I have to go through the whole process again with the paperwork and ultimately the dreaded closing costs estimated to be $1500-$2000. The great thing is that I can take my $75,000 HELOC up to roughly $150,000. So, it seems that it is worth the closing cost investment to have access to all the equity in my property. My question is: Has anybody every been able to just have your HELOC reappraised and not have to go through closing to avoid the closing costs? Any and all advice and opinions are welcomed. (by the way, the HELOC follows prime rate)