HELOC with zero balance

[Stephen Gibson Jr]

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

[Bryan Johnson]

Typically the lender wouldn't count a monthly payment if it showed that there was no balance. If you paid it off a month or two before pulling credit, it would show a $0 payment on your credit report as well, but you could still show a payment on your credit report but get documentation showing that it's paid off and be good to go. I've never had to count the payment as if you withdrew the entire heloc amount, i suppose there could be some banks out there with additional overlays? This shouldn't be an issue at all.