Paying off my mortgage. How long before I can get heloc.

4 Replies

Hi All,

How soon can you apply for a HELOC once your mortgage is paid off. I have under $40k left on my investment property, I'm paying it off with a personal loan and was just curious as to how much time I need to wait before applying for the HELOC. Thanks in Advance.

You can get a HELOC even with a mortgage, so there shouldn't be any waiting period after you pay the mortgage off. As long as the lender doing the HELOC can verify it's paid off, you should be good.

Originally posted by @Kyle J. :

You can get a HELOC even with a mortgage, so there shouldn't be any waiting period after you pay the mortgage off. As long as the lender doing the HELOC can verify it's paid off, you should be good.

Thank you Kyle. Will they approve heloc with an LLC on title? Or does my name need to be on title?

Originally posted by @Vanessa Grant :
Originally posted by @Kyle J.:

You can get a HELOC even with a mortgage, so there shouldn't be any waiting period after you pay the mortgage off. As long as the lender doing the HELOC can verify it's paid off, you should be good.

Thank you Kyle. Will they approve heloc with an LLC on title? Or does my name need to be on title?

HELOCs are just a product of the individual banks that offer them, so each one has their own rules for what they will and won't do. For example, most banks won't do a HELOC on investment properties, but some will. (I know because I have two.)

Anyway, you'll just have to call around and ask them if 1) they'll do a HELOC on an investment property and 2) they're okay with the property being titled in the name of a LLC instead of your own personal name.

Here's a list of some other questions you can ask when calling around: What You Need to Know When Shopping for a HELOC.

Good luck to you.

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