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Apply A Second HELOC? Or I should close the first HELOC first.
Hi, all,
A few years back, I had a HELOC $150k on my primary property that I have paid all the balance, but not closed yet. I keep it around just in case I need cash.
But now since my house value has gone up a lot, even based on 70% LTV, I could get a $300k HELOC. So if I want to get a $300HELOC, should I close the first one first, then shop around to get a second one, right? I cannot apply for a second one while still have the first one open, even it has no balance. Correct?
Thanks.
I recommend closing the first one
-
Real Estate Agent
- 210-827-6020
- https://justinbrickmanrealty.com/
My guess is that the future lender won't want to be in third position (assuming you have a mortgage in first position) and will require you to payoff the HELOC that is in second position.
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