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Updated over 2 years ago on . Most recent reply

Ethan Griffel's profile image
Ethan Griffel's profile image
Ethan Griffel
  • from Billings, MT
  • Member since Aug 12, 2021
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Ethan Griffel's profile image
Ethan Griffel's profile image
Ethan Griffel
  • from Billings, MT
  • Member since Aug 12, 2021
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Ethan Griffel
  • Billings, MT
11
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51
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Creative Real Estate Financing

HELOC on primary residence

Ethan Griffel
  • Billings, MT
Posted

Hello all! I have a question regarding an open HELOC on my primary residence with an outstanding balance. I am considering buying a new home to be my primary residence but would like to keep the current one as a LTR. Does anyone know how that would effect the open HELOC? Would I be required to pay it off because the house would now be an "investment property" and most banks don't like to do HELOCs on those? I'm planning on reaching out to my loan officer as well. Just curious people's thoughts or if they have delt with this before. Thanks!

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Kerry Baird's profile image
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Kerry Baird
  • Rental Property Investor
  • from Melbourne, FL
  • Member since May 5, 2011
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Kerry Baird's profile image
Kerry Baird's profile image
Kerry Baird
  • Rental Property Investor
  • from Melbourne, FL
  • Member since May 5, 2011
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Kerry Baird
  • Rental Property Investor
  • Melbourne, FL
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Kerry Baird
  • Rental Property Investor
  • Melbourne, FL
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We had a similar situation with our old house.  We called our lender and they just kept it open. 

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