How soon can you get a HELOC ?

Question

I just got off the phone earlier today , with talking to 4 different Lenders.

For some reason, I still fell as though I did Not get a clear cut answer question, as to how soon I could get a HELOC on my Primary residence.

My Situation is ....... I have around $40,000 in equity on the property, but I have only owned the property for roughly 4 months.

So doing a Cash-Out refi. isn't possible ( What I was told ) as you have to wait 1 year on a Primary before you can do a Cash-Out refi.

So then can I go ahead and do a HELOC ?  And if so, what LTV can I expect to get, as I have only owned my Primary for roughly 4 months ?

Thanks so much

Brian Adams · Answer

I know very little about HELOCs and cash out refinances. But I do know Loan to Value isn't "Loan to Equity". If your home is worth $275,000, a 90% LTV would be $247,500. If you owe $250,000, then you won't be getting any HELOCs/refinances.

If you owed $200,000, then perhaps up to $47,500, for example, you could.

Scott W. · Answer

a couple years ago, you had to wait a year. why don't you ask the banks?

Michael Dunn · Answer

Great question John

John Ratigan · Answer

if anyone could help me with HELOC,

I bought my home for 250k, it was appraised for 275k, I closed 4 months ago.

Does this mean I could apply for a loan of 90% of 25k equity? If so, would that prevent me from taking out another HELOC after I paid it back?

Thanks.

Shefali R. · Answer

In my experience this process takes about 30 to 45 days end to end. you would want to    Make sure you already have pulled all docs needed together and send them at the outset. I only have experience with chase and Wells Fargo. Good luck!

Michael Dunn · Answer

thank you Edward .... 90% doesn't sound bad at all  :)

Edward B. · Answer

In 2010 I got my HELOC the week after close. They used to do them simultaneously with the close. Rise days may be gone but I think you will be able to find someone.

Today people are getting 80% to 90% CLTV.

How soon can you get a HELOC ?

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