HELOC on a rental? Does this exist?
I've got several rentals that have around 40-50% equity in them. I'd love to pull some of that equity out without changing the existing loans I have on them since I got some great interest rates.
Does anyone know of a program that allows HELOC's on investment properties? (The existing loans I have are conventional, and the properties are held in my personal name if that helps).
Thanks in advance!!
Hi @Evan Bambrick, someone made a comprehensive list HERE.
You can also look into getting a HELOAN, which is similar to a second mortgage.
The rates are higher but it is a fixed-rate fully amortizing loan.
Therefore, generally, if you are putting the funds towards long-term projects, a HELOAN is better. If you are looking for a shorter term use of the funds, a HELOC is a better product.
If you want my personal recommendation on either a HELOC or a HELOAN, please let me know.
Hope this helps! Let me know if I can be of any assistance.
I agree with @Andrew Garcia, HE Loans are a good option and many of them are easier to obtain. Also they have higher LTV amounts vs. HELOCs for investors.
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