Does anyone have suggestions for who to use to obtain a HELOC?

6 Replies

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.

Thanks

Hi Michael,

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.

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.