Moving out of primary in a few months. Timing of home equity?

[Darrick Lowe]

I'm planning on moving out of my primary residence in a few months. Is now the time to get a HEL or HELOC since rates are lower than if they are a rental? I don't necessarily need the equity for anything specific for the next year or two. Should I just apply for a HELOC now, and let it simmer? Or figure out ways to get equity out of property later on when i need it.

[Ned Carey]

@Darrick Lowe who says HELOC rates are lower if it is a rental?

First of all you cannot by definition get a HELOC on a rental. HOME Equity Line of Credit, if it is not your home you cannot get a HELOC.  You may be able to get a credit line against the rental property but technically it won't be a HELOC.  

Credit lines against rental properties are generally harder to get. Not all banks will offer them. They are also likely to be at lower LTVs. I strongly suspect it will be at a higher not lower rate. 

If you anticipate appreciation in the new couple of years, you may be better waiting because with a higher property value you may be able to pull more money out. Also credit lines tend to have expiration dates. Do you want to waist 2 years of your 10 year HELOC, just to get in now instead of when you need it?

On the other hand, sometimes it is easier to get credit when you don't need it. If you wait it may not be available later. 

Sorry I have given you more questions than answers but often questions like these require educated guesses as to what will happen in the future.