Mortgage + HELOC Question...

[Bryan Doan]

Happy Holidays everyone!  :)

Looking for advice on my situation... 

• I applied for HELOC on Nov 24th with PenFed
• I offered on a townhouse and got accepted on Dec 12th.
• I started working on the loan immediately after that and the lender asked about the PenFed inquiry on my credit report and if I got a loan for it.  Since nothing had happened I said No.
• Dec 14th PenFed got back to me and said I was approved and would like to start on the closing process

Questions:

1. If I proceed with closing the HELOC, would the lender for the townhouse know about it and give me issue? The final closing doc will be drawn up on Dec 31st.

2. If the HELOC does not appear on the credit report yet, would the lender find out about it?  

I just don't want any delays so thought of just moving forward but not sure if lender will know about the HELOC and delays the whole closing process with the townhouse.

Thank you very much for sharing any experience/advice you may have!