All Forum Posts by: Mary Smith

@Daren H. thanks - I agree on clarification with my documents but to be honest it's really vague in the paperwork. I could ask my loan officer - just don't want to raise any red flags. Thanks for the replies though! 

Hi, here's my scenario:

I bought a house in cash for 42k - then took out a 34k HELOC on it. It is/was my primary residence.

Now I'm under contract to buy another home - that I will be moving into - so my primary residence is changing (I will be taking out a fixed rate 20 year primary residence mortgage for that property) with another lender. 

Will this effect my ability to keep the HELOC open? Currently it has a zero balance. If I use the HELOC and the lender finds out it's not my primary residence anymore will there be ramifications?

Could I even potentially ask for a larger line of credit once my initial property purchase has seasoned? 

This seems like a question for my lender - but I was wondering if people knew in general HELOC terms.

Thanks!

Looking for plumber recommendations. Specifically for running a sewage line. Any suggestions? In the SE Atlanta area.

https://www.hudsonandmarshall.com/propertysearch?address=Atlanta,%20GA,%20United%20States&AddressState=GA&AddressCity=Atlanta&searchType=1

Has anyone purchased through Hudson & Marshall before? Trying to see what I should be careful with when dealing with them.

@Account Closed I completely agree on the MLS thing haha.

In theory it would be great if a wholesaler was someone in the industry that has the ability to connect you with a seller who doesn't know/or is willing to settle for less than the true value of the property...for example someone who needs the cash fast, doesn't want to lose the 7% commission for a realtor, etc. However the majority of those who call themselves wholesalers don't seem to have that ability...because it is a rarity for a seller to be completely unaware or not willing to deal with a traditional sale process. Anyway - props to the wholesalers who are good at finding them - but if I were them I'd be buying them ha instead of shopping them around 

I'm currently under the impression wholesalers are complete goof balls. What is their purpose again, to act like realtors for cash transactions? They find people who are motivated to sell - then put a contract in from of them saying I can help the seller sell it? They then shop it around to other people? While charging a % of the deal? Essentially acting like a middleman...