Hi guys, this is Sandra from OC
This is Sandra from Orange County California. I'm trying to take out HELOC for my second home so I can use that to invest in rental properties. Does anyone know any institutions locally who's linear and very easy to talk to about getting this done? I recently got rejected from one of the local credit union because my second home doesn't qualify as second home since 1) is less than 50 miles from my primary residence and 2) there are other people living in there except myself... this is really tricky field
Why does the bank care what you use a heloc for? You should be able to use this type of line of credit for anything.
@SHanshan Weng , you just have to keep looking at other local banks until you find that one bank that will give you the HELOC. No matter how frustrating it may get, just don't give up on what you are trying to do. Good Luck!!!
I found that if I didn't use the right terms that it made some banks more difficult to work with. You could try asking about HELOC or refinance and let them tell you what type of programs they have or call it an investment property instead of a second home. I found that "second home" had strict definitions but investment property is more broad. But some banks just make good investor partners and some don't. I even found some branches were more difficult to work with but at another branch of the same bank I found a really gung-ho manager and she could really get amazing things done for me! Keep trying!!
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