We would like to have a HELOC available in order to make offers when a home that is worth it becomes available. Is this a wise strategy? My wife and I have a goal to rent our current home out and pick up a fixer upper to purchase and move in to. We would then do the rehab while living at the property. Would a HELOC be a good strategy to do to pay off the down payment for the second home. Also, are any of you familiar with anyone who I can reach out to for the HELOC. Please share if that's okay.
Finally, any knows a trustworthy wholesaler in the greater Tampa Bay area, please reach out me if you have a 3/2, 1600+sqft, available. SFR or Townhome preferable in Wesley Chapel, New Tampa, Tampa, Lutz, Land O Lakes, Odessa.
I sent you a PM also.
About the HELOC question, I recently got one on a property through Suncoast Federal Credit Union here in Tampa Bay. I like the HELOC because it's a way to borrow money without over leveraging. I would be careful with borrowing too much money to purchase a property leaving little equity. Having said that, they are usually a higher interest rate loan as opposed to a conventional mortgage and the max that Suncoast will loan on a HELOC is $100K. I'm sure other institutions will loan more.
I hope that helps a little.
@Greg Shell thank you Greg! I will check out Suncoast.
Pming you, Greg!
I used Third Federal. Credit limit up to $150K. Rate a few months ago was prime minus 1% for 10 year draw, 30 year payoff
look at your local credit unions.... If veteran or can get in, Navy federal is good... ask around. HELOCs vary WILDLY from bank to bank on their interest and what % of LTV they will do.