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Updated over 1 year ago,
HELOC with zero balance
Hey everybody,
I'm considering getting a HELOC to have some small repairs done on my primary residence.
If I were to say get a HELOC for 50k, use around 10k for these repairs and pay it off after a few months... when I go to get a mortage on a new property, would it impact me if it had already been paid off?
Or is it literally like a credit card, where they look at the actual balance or total line of credit?
Thanks