HELOC increase without closing costs

[Nathan Ruffrage]

Hey there!!!

I’m an investor with a Heloc on a property that is very low. The property is valued three times that of the current line of credit. I understand some banks will simply increase your line of credit without all the closing costs.

How common is this? I’ve asked my lender and that they won’t up the credit line without going through another closing. 

[Scott E.]

I understand most of the big banks got away from the "line increases" on HELOCs. But these same banks offer new HELOCs with no closing costs. If you can get a new HELOC with no closing costs, consider going that route. You'll need to provide income docs and go through the appraisal process, but shouldn't have closing costs.