Purpose of HELOC

[Patrick Shep]

I inquired with a lender on information on a HELOC. He asked what the purpose was and I told him it's for investing in real estate to buy under valued properties to refinance or flip. He told me that I shouldn't put that on the application because the underwriters will consider it too risky and he said to say emergency funds. I haven't seen or started the application yet but i was wondering if anyone has gone through this or from a lenders perspective on any tips to maximize the amount I would get

[Russell Brazil]

Tell them it's for hookers and blow, and they'll approve the heloc.

Tell them it's to invest the money, and they'll deny it.

That's not a joke, it's the truth.