HELOC help man i want help so bad

[Sean Starkey]

I took out a 180k HELOC on my primary and didnt have a good exit strategy. I used it to buy my STR in yucca valley and its doing well so it was a good purchase! I really want to find some lender out there that can make this loan at a fixed rate including principal and interest. We are interest only at the moment and its horrible. We are paying $1500 per month. Please someone out there help me get this loan fixed!!!

We have tried in the past few months but our primary isn't worth enough to allow to use it as collateral. I don't want to refinance my primary because we have a 2.75% rate. I simply want this HELOC fixed including P and I for 20 years or more so that it can be lower monthly for us.

Someone out there must have an idea!

Help!

[Deandre P.]

Quote from @Sean Starkey:

I took out a 180k HELOC on my primary and didnt have a good exit strategy. I used it to buy my STR in yucca valley and its doing well so it was a good purchase! I really want to find some lender out there that can make this loan at a fixed rate including principal and interest. We are interest only at the moment and its horrible. We are paying $1500 per month. Please someone out there help me get this loan fixed!!!

We have tried in the past few months but our primary isn't worth enough to allow to use it as collateral. I don't want to refinance my primary because we have a 2.75% rate. I simply want this HELOC fixed including P and I for 20 years or more so that it can be lower monthly for us.

Someone out there must have an idea!

Help!

Was the 180k used as a down payment for the STR? Or was the 180K used to purchase  the STR free and clear? The best strategy would be to pursue a cash out refinance on the STR property, as you should have at least 180k in equity. Based on the info presented you are already paying 10% on the HELOC so a 30 year fixed rate on the STR, wouldn’t be to much different, however could likely lower your payment.