I'm in the middle of what seems like an endless search for the right HELOC deal.
My situation is that I'm looking to get a HELOC against my primary to invest in more rental properties (I currently have 5). My primary is appraising at $300,000 and I owe $215,000. I'm looking to have a line of credit of at least $50,000 (hopefully more).
I've spent the last month talking with 6 different lenders and every time we get down the road, there's small print that pops up (I need to pull out X amount at closing, no cap on the rate increases each year, I have to move all my money into their bank and hold X amount in there the whole time, etc.).
Any suggestions on what I should do or where I should go?
We went with Elements Financial Credit Union and have loved it. Also consider if cash out wouldn't be more appropriate. If you are going to invest and keep investing, the flexibility of a HELOC might be less advantageous to just getting a lump sum and not having to worry about the bank freezing or calling the line.