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Updated over 3 years ago,
What happens to HELOC if I transfer my property to an LLC
Hey Everyone,
I did alot of searching and couldnt find an answer to this exact situation.
I currently own a townhouse in Florida as my primary residence. I am in the process now of getting a HELOC. Soon I plan to turn the house into a rental. I am also planning to transfer ownership of the house to an LLC. What happens to the HELOC when I transfer to the LLC? Can I also transfer the HELOC?
I have read that I can get a HELOC on the property when it is turned into a rental, but the rates are as favorable, and would likely be harder to get when owned by an LLC. So I would like to get the HELOC now so I can get the prefered rates and LTV.
Thanks, appreciate the feedback!