Hey everyone I have a quick question for you. I am about to start the process of applying for a HELOC but I was wondering what the banks look at other then my credit score, DTI ration, and employment history. Wondering if there is anything I can do to make myself more eligible and for more capital. Thanks guys

Nick

@Nicholas Hamel The first 3 points you mentioned are spot on! Also, what I have done if your personal home is have it look as nice as possible, clean, and yard done, etc. I personally met with the appraiser and hand sold him all the updates I had done. Its really all about the equity you have and the type of HELOC you are going with. The best I have found for my personal home was KeyBank, 90% LTV ration, prime minus .25%, 15 year draw period, interest only. I have used this $421K line for many projects and it has worked well for me. I hope this helps, but your first 3 points are most vital as well!

@Todd Powell

Awesome! Thanks TODD! I thought I had heard something about having cash reserves but I did not quite understand why. Maybe I heard wrong. This HELOC is for an investment property so it is going to prove difficult to get the HELOC but it is doable

Nick

@Nicholas Hamel Yes, non owner occupied deals are tougher, but my local bank did one for $225,000 for me. I used to get them from Bank of America, but when the market tanked back when they pulled them all. I no longer want to deal with them, and shifted to local banks for the non owner occ deals. This will be harder, but worth the grind!

@Todd Powell . Great info. Thanks TODD. Much appreciated