Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

61
Posts
11
Votes
Kevin Kim
11
Votes |
61
Posts

HELOC on Primary home that will be convert to RENTAL

Kevin Kim
Posted

Hello

I own primary home in CA , East bay and now I would like to buy another primary home and keep the current home as rental. I am not sure how soon I can get new primary home (I am trying to offer this week but will see how it goes) but in case, I would like to apply HELOC before I start new home loan process. Called one of local Meriwest Credit Union and asked if I should apply HELOC as Primary or Rental but answer was kind of Primary since it is Primary now. Then the agent says once it converted to rental near future, the loan officer can reduce the HELOC... Is it good practice to open HELOC when I received pre-approval letter form lenders for new Home purchase? I can have 20% down but want to open HELOC in case if I need some extra cash.

Loading replies...