Heloc question- Can you have 2 Helocs on 1 property?
I'm finding banks have a maximum amount they will loan on a primary home Heloc.. So, I'm thinking it may work to get 2 HELOCs from different banks.
Say I have a primary residence that is worth about $1,500,000 and it doesn't currently have a mortgage. Can i get 2 Helocs one as a first position HELOC and another as a 2nd position HELOC? I'm thinking like $400k to $500k for each one? This would still put me at around 60% LTV.. I just don't know how banks feel about being in 2nd position behind another Heloc.. Even though it's really the same as being in 2nd behind a regular mortgage.