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Updated over 4 years ago,
HELOC or pre-approved mortgage first
I plan on investing in a vacation rental in the smokies. I'd like to get a HELOC on my primary residence to help with the purchase and/or future unexpected expenses. One of my questions is should I be looking to get pre-approved for a mortgage, or even close on the mortgage, before pursuing the HELOC? If I get the HELOC first, how does that impact getting pre-approved for a mortgage?
Thanks!