Lieing To The Bank? Heloc

[Senad Salihovic]

Hey guys, I am in the process of taking equity out of my primary residence to buy more rental property. 

This is the question I'm stuck on.

What is the purpose of the line of credit?

Purchase Other Dwelling

Home Improvement

Refinance

Purchase RV or Boat

Debt Consolidation

Other
I was told if I tell the bank that I am purchasing another dwelling that it would be much harder to get a heloc. Is that true?