It is possible to switch from a mortgage to a HELOC 1st lien?
I contact a couple of banks and they are all willing to do a 2nd lien on my house for the HELOC but I haven't been able to find a bank that is willing to do a HELOC for the amount that is going to pay off my mortgage and start the new HELOC with that balance + any equity remaining as available funds.
It is actually possible to do this? or i need to have a heloc with an available balance high enough to pay off the mortgage?
@Flavio Espinal , search "velocity banking" here on BP and/or on the wider net. It's a strategy to use a HELOC to more quickly pay off your mortgage. There are some important caveats, but it's a good option for some people.
There is the All in One first position HELOC that is offered by Ridge Lending. I have explored it, but have to correct an issue with our current finances, before we return to them for implementing the HELOC.
Hi @Kerry Baird for what isee in RLG is for purchase or refi a property more than to apply velocity banking (pay off the mortgage faster & generate equity in my property)
The all in one comes with a checkbook account. You'd deposit all your available funds into the account to lower the total balance, and make any other utility or other payments at the end of the month. It is a first position HELOC rather than second position.
but i dont see this product in Ridge Lending.