Updated about 3 years ago on . Most recent reply
Redo HELOC as property value increased
My house is worth ~$310k according to recent comps. I have a $52k HELOC on my house and $154k balance on my mortgage, therefore only at 66% LTV when you combine HELOC and balance on my mortgage. My property has gone up in value $40 since Oct-Nov, which I did not expect.
I just refinanced in april of 2021 and got my HELOC in November of 2021. Wondering what others think about all the locked untapped equity in my home and whether you'd refinance your HELOC (if thats possible). Assuming my house appraises at even $300k if i get to 80% LTV that'd get me an extra $34k in funds I can use for downpayments or repairs as needed.
Curious as to what others would do in my shoes.