I would like to obtain a HELOC on my residence. Does anyone have an intake/questionnaire when speaking to banks about their programs? I want a HELOC which I can use to finance the flip on another property. I don't plan to carry an open balance for more than 6 months at a time. Any help is appreciated. Thank you.

I would invite you to rethink HELOCs and slightly tweak your approach. There are products called First Lien HELOCs that replace a mortgage. You can get them on investment properties, usually at 75% LTV, or on primary properties, as much as 95% LTV.

The number associated with percent interest is going to be slightly higher than the number associated with your mortgage, but the HELOC has the extreme benefit of recalculating your interest payment for every principal payment you put against the line whereas the loan payment never changes.

Replacing a mortgage with a HELOC and then using the HELOC as the place where you store all funds as you build savings to purchase and flip the next investment property will greatly reduce your interest costs and increase your buying power as well as speed the building of your cash savings.

Credit unions and local banks are going to be the best places to find these products. Don't even waste your time with Wells Fargo or US Bank. They aren't banks, they're vampires.

Best of luck!

@Eric Anderson

I just went through the process with taking a HELOC out on my PRIMARY home for 95% LTV to do the day exact thing INVEST IN REAL ESTATE. What I learned was ask everything that comes to your mind whether it be to your loan officer or her on BP. 

Some basic things to know when going into it is ask

• - Is it interest only payments?
• - what the rate is?
• - how long is the draw period?
• - how long is the repayment period?
• - how much is closing costs?

@Eric Anderson thanks for the question, i was actually planning to post a similar one.  Looks like good food for thought so far!