HEY Bp, so it looks like my private money is not going to come through for me :(
My other option for capital is a vacation home I own out right in PA. Can I get a Heloc? If not what are my other options?
Thanks in advance!
I'm not an expert on this but I believe you can as long as the Heloc will have the first and only mortgage which sounds like the case with you. I was just talking on the phone today to some banks asking this similar question and that's what they told me. The difference is my properties are co-ops which are a huge pain to get mortgages on compared to normal property. So I'm sure if they said I could get then would think for sure you could. The bank who said yes to me was Santander Bank and they said I could potentially get an 80% loan to value Heloc on a second property co-op and currently interest rates are low but they can fluctuate.
@Laura Williams Thanks for the info! Does anyone else know the best way to go about getting this done?
this shouldn't be that tough. They may only go up to 70 or 75 LTV though.
Local banks and credit unions are your best bet.
Thanks I'm going to start making my phone calls this weekend. Anyone know if the process takes the same time as a refi?
Usually a bit shorter. Some can do them real quick if it's a low LTV, good credit, etc
Cool, yeah the home is paid off and have pretty decent credit. Thanks again for the info.