Easiest HELOC right now?

Question

I need to pull out about 100K from my personal residence for a project. I just started an application with Bank of America, which is where I do my banking, but damn, they want a complete application with records on all six of my properties, P&L statements, insurance riders, and the whole nine yards. This seems like overkill for a line of credit.

Wondering if there is a simpler way. Any tips? I'm in Tennessee. It must be a "line of credit" where I can make draws, and not a home equity loan.
Thanks!

Mike Dymski · Answer

I ran into the same thing with TD Bank and then shifted to First Citizens and closed within a week or two. Try them. The drive by appraisal was low but I did not need max leverage.

Grant Schroeder · Answer

@Stephanie Crawford at Movement Mortgage, we have a quick and simple low doc 5-10 business day close HELOC that you can use for this to avodi the headaches of the big banks!

Jacob Sherman · Answer

Yes when going for a personal full doc it will require all of that documentation . Investment properties are easier to work with . What are the equity positions looking like in your investment properties ?

Stephanie Crawford · Answer

Yeah, it's just SO much work. I have 500k in equity in my primary home and probably a million in equity on my investment properties. One of which is owned free-and-clear. They want this for every home. There must be an easier option. Who has this much time?

Stephanie Medellin · Answer

I'd guess that this is fairly standard. The lenders I work with for HELOCs and HELOANs underwrite them like any other loan. They need the records for your rental properties to verify and calculate the PITI. They need the insurance declaration pages (1-2 pages showing the annual premium and the insurance agency contact info), property tax bill, and mortgage statement. You should be able to download these things and send to them digitally. P&L sounds like it might be for self employment income.

Easiest HELOC right now?

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