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Updated almost 2 years ago on . Most recent reply

Can You Get A HELOC On An Existing Mortgage?
Hello BP Community,
I have a three family multifamily property in New Jersey. I bought it in 2019, lived in it for two years, refinanced it in 2021, and since then I have moved out and it is fully rented as an investment property. Let's say it is worth around 650k, and I owe around 400k on a conventional mortgage at 3.1% interest.
Is it possible to get a HELOC on this property while keeping my current mortgage/interest rate? I reached out to my lender and they made it seem like it would be a new mortgage at a much higher current rate, closing costs, etc in order to get a HELOC. Is there another way to get a HELOC?
Please help me understand what options are possible. Thank you all.
Most Popular Reply

@Joseph Matarazzo this comes up a lot. No you can't get a HOME equity line of credit for somthing that is not your home. So don't ask for that. you want a business line of credit secured by real estate. Same concept and esentially the same thing. But simply asking for the wrong name and you will get an answer of NO.