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Updated over 2 years ago on . Most recent reply

Daniel Mina's profile image
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Daniel Mina
  • from Plano, Texas
  • Member since Jun 26, 2017
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Daniel Mina's profile image
Daniel Mina's profile image
Daniel Mina
  • from Plano, Texas
  • Member since Jun 26, 2017
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Daniel Mina
  • Plano, TX
5
Votes |
20
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Private Lending & Conventional Mortgage Advice

Applying for HELOC and mortgage

Daniel Mina
  • Plano, TX
Posted

Is there supposed to be a waiting period between when someone closes a HELOC and applies for an investment mortgage? I'm about to close on a HELOC to be able to make cash offers, but if the house can be underwritten conventionally, I'd rather go with traditional mortgage. Also, if I haven't pulled anything out of the HELOC, does it still get counted somehow in my debt to income ratio? Thanks.

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Cindy Tansin's profile image
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Cindy Tansin
  • Lender
  • from Los Angeles
  • Member since Aug 6, 2022
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Cindy Tansin
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  • from Los Angeles
  • Member since Aug 6, 2022
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Cindy Tansin
  • Lender
  • Los Angeles
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Cindy Tansin
  • Lender
  • Los Angeles
Replied

I concur with Lorenzo. Also noteworthy is the loan can be refinanced as a Rate/Term (vs. Cash Out) if there is no balance on the HELOC.

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