2 HELOCS...Is this possible?

[Sonya Burns]

I want to take a HELOC loan out to purchase a 2nd property. We've been leasing out our house for 4 years now while we've been away and now we want to buy a 2nd property as our main residence AND use the funds to invest in another one. HOWEVER, our primary mortgage ORIGINALLY came with an attached HELOC. At the time (15yrs ago) this was the only way the lender would approve our FHA loan.

Out DTL is amazing and our house will be paid off in 5 years. The value of the house has massively increased.

Do lenders usually allow you to take out a HELOC if you already have one?

Would it be best to wait until the mortgage is paid off to request this?

Thanks in advance! 

[Britt Clark]

But, keep in mind you'll pay closing costs for two loan events - the re-fi then the HELOC - if you follow that path. I don't like fees. Might be best just to refi and keep some of the cash then and there instead of doing two loan closings back-to-back.