I have been reading, chatting, researching, and connecting for a few months now... I currently own my primary home in Maine and another rental in Chattanooga. Today I took the step to actually go to the bank and get that HELOC loan to help fund my first BRRRR. I feel a bit smug because I was able to complete the application and all the necessary documents for the application quickly. I found a local bank in Maine that has a 1-year rate of 2.99 and then 4.75 variable after that. Now the sit and wait for the appraisal.... I'm hoping it will be quicker than usual since it is winter here in Maine.
Good step...taking action, and having that financing lined up. Set some goals to look at open houses or schedule viewings.
Congratulations!!! That is a major step under your belt. Don't be surprised if the appraisal takes a little while longer than you imagine. I currently have 6 homes under contract in southern Maine and the appraisals have been taking longer than usual. It may have something to do with the large amount of people refinancing in the past couple months.
@Jen Whitehead good to know. I was a little disturbed that the bank sent me a letter advising me of "home counselors" in my area that might be able to help me. I hope this is just one of the requirements the bank has before they approve the loan. The bank officer was a little scatter-brained. I hope she did not misinform the loan officer that I was looking to clear debt or some other cockamamy reason for needing the money.