Opening a HELOC on an Out-of-State Property

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Opening a HELOC on an Out-of-State Property

Samantha Goetz
Rental Property Investor · High Point, NC · Member since 2016 · 20 posts · 5 votes

Does anyone have any recommendations or tips on opening a Home Equity Line of Credit for an out-of-state property? I live in NC, but I have a rental property in Montana. I contacted a few local banks in Montana and they all say I have to come to Montana to be at the closing in person.  I'd prefer not to take a trip to Montana. 

I currently bank with USAA and their website says they no longer offer HELOCs. 

Any recommendations?

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Trenton Parks
Developer · Billings, MT · Member since 2013 · 19 posts · 7 votes
9y

There are a number of local banks you can choose from.  The title company drives the closing documentation.  Some of the local companies used in Billings, that are also located out of state would be Stewart Title, Chicago Title, or American Title and Escrow.  These companies send paperwork to out of state buyers all the time.

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  • Anthony Wienke
    Missoula, MT · Member since 2016 · 163 posts · 55 votes
    9y

    Im not an expert when it comes to HELOC but i would say keep calling and searching for banks in Montana that would work with your current out of state situation.

    Not the best answer but i noticed no one was chipping in any advice. You could also try calling and asking some Montana realtors that might know more about it. 

    Also, i would give yellowstone bank a call. They have branches in Billings, Bozeman, and Columbus. They gave me some good advise when i was searching for an apartment complex style loan.

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  • Chad S.
    Bozeman, MT · Member since 2012 · 12 posts · 17 votes
    9y

    You could try US Bank. I got a HELOC through them for my primary residence and they were pretty good to work with. They have several branches in MT. I got on their website and they don't have any branches in NC but they do have some in Tennessee. Not ideal but perhaps you could do the closing at a TN branch and save some time/airfare?

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  • Laura Kusto
    Big Sky, MT · Member since 2017 · 19 posts · 8 votes
    9y

    I live in Big Sky, MT - it's a resort town and a huge 2nd home market. I know for a fact that my local bank here doesn't require it and it's likely because people have a hard time being in person. They even offered to FedEx me my closing docs when I was possibly going to be out of town for my last closing. Granted, those were traditional closings but I would definitely ask my bank. PM me if you want my mortgage broker's name and contact details - he's got an office here and in Bozeman but they have branches all over MT - Big Sky Western Bank.

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  • BG Stumberg
    Investor · Helena, MT · Member since 2015 · 6 posts · 3 votes
    9y

    I am from Helena. I use Montana City Bank. Ask for Jake Combs and see if he can help you. Great guy, great banker. Toni Lake at Chicago Title does closings for me even when I am at of town but I have an ongoing relationship with them. Hope this helps.

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  • Trenton Parks
    Developer · Billings, MT · Member since 2013 · 19 posts · 7 votes
    9y

    There are a number of local banks you can choose from.  The title company drives the closing documentation.  Some of the local companies used in Billings, that are also located out of state would be Stewart Title, Chicago Title, or American Title and Escrow.  These companies send paperwork to out of state buyers all the time.

    2Reply
  • Samantha Goetz
    OP
    Rental Property Investor · High Point, NC · Member since 2016 · 20 posts · 5 votes
    9y

    Thanks, everyone! That was very helpful. I really appreciate the information!

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  • Scott Kurreck
    Investor · Big Sky, MT · Member since 2017 · 5 posts · 1 vote
    9y

    Ask for Brett Evertz at Big Sky Western Bank, or Joe Miller/Alex McAlear at First Security Bank. A quick google search will help you out there for telephone numbers for the respective branches.

    Alex just quoted me at 4.25% 5-yr for a HELOC 2 weeks ago.

    Banks not located in Big Sky will not be privy to the beast that is the Big Sky real estate market.

    PM me if you have any other questions.

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  • Megan Stafford
    Rental Property Investor · Pleasant Hill, CA · Member since 2016 · 19 posts · 5 votes
    7y

    PenFed Credit Union does this all the time and has a HELOC LTV up to 80% even for out of state owners. This screenshot is directly from their website:

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