My husband and I own a vacation rental property on Cape Cod. We have a mortgage of $315K on it. I believe it will appraise between $530-$550K. Can we get a HELOC on it? Or what would be our best bet in pulling out equity? Note: me and my husband's credit scores have dipped to 655 due to our first Fix and Flip (financed it with personal money and credit cards, long story.) With such low credit scores, would we qualify for a HELOC or cash our refinance?
Thanks for the advice!
I believe the HELOC only would apply to equity and only a percentage of that equity... maybe 80%? I can put you in touch with a local lender on Cape, if you are interested.
Thanks, Mike. I would love to connect with a local lender on Cape Cod. Appreciate it!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you