HELOC on rental out of state
Good evening y’all!
I have just purchased a homestead subject to than I plan to live in for at least 2 years and then sell.
I have another rental property out of state that has a ton of equity in it that I plan on holding long term, so I was planning on taking a HELOC on my rental property to clear up funds for renovations on homestead and to have funds available for other deals.
This is my first time taking out a HELOC. I always hear investors harp on going to "local" credit unions. This may be a dumb question, but because the HELOC property is not in the state I reside in, should I be looking for a "local" credit union/lender in close proximity to where I currently live or a "local" credit union/lender near the property itself?
Secondly , would it make sense to start with my current lender and then shop around from there?
Thanks in advance for advice y’all can provide!