Depends on your income/expenses/rental income....DTI.
ALSO, you don’t get “80% of the equity” with an 80% heloc, you up to 80% of the value, less your 1st mtg. In your example, $90k.
I dont see why it’s 90k?
House is worth 300k when appraised. 80% = 240k minus your 150k debt = 90k credit line to play with. I’ve heard of 90% lines however when you’re owner occupying. From what I’ve read it’s pretty costly to cash out refi. Depending on what you’re trying to do a HELOC might be beneficial! Best of luck
Oh so, my debt of 150k from first mortgage will be taken into consideration as debt? Even though, I want to treat it separately?
If thats the case, then me using the 90,000 as down payment wouldnt even work, because the lender will say no, because I owe 150,000 and the 90,000? So then its too much?