Apply A Second HELOC? Or I should close the first HELOC first.

[Jenny Scott]

Hi, all, 

A few years back, I had a HELOC $150k on my primary property that I have paid all the balance, but not closed yet. I keep it around just in case I need cash.

But now since my house value has gone up a lot, even based on 70% LTV, I could get a $300k HELOC. So if I want to get a $300HELOC, should I close the first one first, then shop around to get a second one, right? I cannot apply for a second one while still have the first one open, even it has no balance. Correct?

Thanks.