Home Equity Line of Credit

[Erik Pedersen]

So I bought my 2 fam house in Dec. and have a 221k mortgage on it owner occupied. Since I bought it, I updated both units - (paint, light fixtures, appliances, took out carpet hardwood floors throughout, all the odds and ends) and finished the basement putting in a 2/3 bathroom in as well. - put about 12k into it labor and materials)

If I had to guess, I would say my house in Bayonne would go for around 265k maybe more - housing prices have been going up lately.

Total rent per month is $2200. I had my taxes appealed and will see my taxes go down $2500 in 2014. The rental income completely covers the PITI and I have $90 casflow. After my taxes are lowered I will cashflow $300.

My question is, what kind of HELOC can I get for this house. Does my income matter? My debt/income ratio is ~ .5 What would help me get the highest possible line of credit? Should I shop around? I have a wells fargo mortgage, my bank is PNC. Any experience working with these two companies? Thanks!