All Forum Posts by: Heidi Smith

@J. Mitchell Bernier I currently have a HELOC for 40k... Haven't touched it ( had plans dreams etc but Corona has messed that up for the moment) so I have my primary sfh total principal is around 112k. Current value of house around 220k. Current interest rate is 4.25. So if I refi my question is does the HELOC go away or do I have to get approved all over again?

What happens to existing HELOC when u refinance? I'm thinking I should take advantage of the all time low rates but if I do will my HELOC have to be reapproved?

@Phillip Collie could u please send me one?

@Jerry Lucker Could u please send me a copy as well?

@Edgar Rodriguez ,thank you for the reply!

So after 2 months of waiting I finally got my HELOC! Yay..... But it's only for 40k so now what do I do? I'm in the Tampa Bay area of Florida and prices are pretty high. I can get a duplex for around 200k but it would only bring in about 200-400$ per month. That I would use to payback the HELOC. Is that a good start or does anyone have any better ideas. I have good credit and stable work history. I was thinking to use the HELOC for down payment and conventional loan. Also I'm not opposed to living in one side of duplex and renting out my primary. But my primary has a pool, garage, etc so I feel like that would create more of a challenge for me bc of maintenance. Any ideas... I'm completely open minded. I just want to do this right. My goal is to own multiple rentals as buy and hold ultimately. Thanks in advance!

@Mark Durham thank you

@Brandon Roof thank you!

I am in process of getting HELOC. The bank wants to know what the funds are for. There's a possibility that I will use for dp on other property. Am I inclined to tell them this even if I'm not sure yet?

Currently looking for a HELOC, I've only spoke to one bank so far and they are willing to give me a lot more $$ but I will have to pay principal and interest. I have never heard of this form of HELOC before today. It doesn't sound like it would be beneficial bc my reason for HELOC is I will be using for dp on duplex. So my question is what type of"terms" should I be looking for? And also are you supposed to"shop around" for HELOC?