HELOCs

10 Replies

Check with local banks preferably the one you use but not necessarily the one you use. If you have equity they may loan up to a certain % Loan to Value (LTV) and open the line for you to use as you see fit.

@Marque Walker from my personal experience most institutions will loan up to 80% LTV minus your primary mortgage. In a few scenarios they will go higher up to 85%, perhaps higher than that but I do not know.

An important note, and already mentioned above, is you don't have to go to the bank that you have the original loan with. Originally I didn't know that and I went through Wells Fargo which is known throughout the industry for moving at a snail's pace.

Hope this helps you.

Will that provide Borrower information Name Address Phone Physical Address, 1ST lien HLOC, HLOC over 100k, negative payment history, status of account:past due, Income information, employment information?

Originally posted by @Aaron Howell :

Check with local banks preferably the one you use but not necessarily the one you use. If you have equity they may loan up to a certain % Loan to Value (LTV) and open the line for you to use as you see fit.

YES - I would definitely agree - check your local banks and credit unions. I looked into a lot of different options and most big name banks (including Wells Fargo who holds my mortgage) would only loan 80% LTV. But I was able to get 100% LTV with a local credit union. Good luck!

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