Where to open a HELOC?

[Brian S.]

Hello,

I know there are tons of discussions on BP about HELOCs, but I haven't seen much about where to open one. I have about 70-80k of equity in my property in Cleveland and am thinking of accessing that to buy a home in St Petersburg FL. I already have the property picked out that I plan to purchase. Does any have any recommendations on where to open a HELOC? Any good or bad experiences?

On a related note, do most lenders accept HELOC as down payments?

Much appreciated!

Brian

[Jim Pellerin]

A good mortgage broker will be able to help you. Also, you won't be able to access all that equity. You will probably only be able to get a portion based on the max LTV the lender the mortgage broker finds for you will allow.

[Brian S.]

@Jim Pellerin Thanks for pointing me in the right direction. I understand I can only access a portion of the equity. Trying to get going on this now to be ready for finalizing the purchase in January or early February next year.