Best HELOC option

[Leora Merrell]

Currently building a one bedroom cabin in Sevierville, TN. Husband is GC, we're doing 90% of the work ourselves. We own the lot outright. Currently just paying cash for everything as we go. I'm looking into getting a HELOC on our primary home in case I'll need to access some additional funds to finish.

840+ credit score. Current mortgage on primary is around $400k. Probably will appraise for around $625k (being conservative). Looking for access to $50k max or so (though I realize that may be on the low side for a HELOC and may not gain the interest of some lenders based on a few I've spoken to). We plan to cash out refi once it's done (estimated September 2025). Should appraise around $375k-400k once complete.

I have 6 other investment properties with significant equity but from my research have learned it's probably best to use our primary for a HELOC. Happy to take any suggestions though.

Talked to a few local banks and the process for a HELOC is long and paperwork filled. Perhaps that is the reality everywhere so I'll accept it if it is.

[Patrick Roberts]

Local banks and credit unions will be your best bet. This process will include a traditional mortgage underwrite.