HELOC and Refinancing through Unitus

[Ryan H.]

Hi all, I have a beginner question:

I am looking into opening a HELOC and thought that this was different than refinancing.

When I look at this credit union's site, I can't make sense of which they offer, or if they are the same thing.

https://join.unitusccu.com/home-mortgage-refinance

I don't want to refinance my current mortgage.  I'm looking for a separate line of credit.

[Joseph Brown]

Is this your Primary residence?  If so most lenders will give you a Heloc to tap into unused equity.  However if you are looking for a Heloc on a rental property there are less options.  I have been researching this cause I am going to do the same in the next couple of months.  Try TD Bank, Pen fed Credit Union, US Bank, Summit Credit Union, National Exchange, Port Washington, Newburgh State, Verve Credit Union and Choice Bank.  I will start my process in June or July.  I would greatly appreciate it if you can get back to me on your process.  My Contact @ TD bank is 2073302293 tell him Joe Brown sent you.  GOOD LUCK!!

[Josh Rogers]

@Ryan H. Have you found a good lender to offer HELOCs on rentals?  I was told by my bank they only do that on a primary residence.

[Ryan H.]

Hi all, thanks for the replies. The HELOC would be on the primary.