Updated over 8 years ago on . Most recent reply
HELOC as down payment then refinancing
So heres my situation, I have my primary residence which is worth roughly $340,000. I have not talked to a lender yet for my HELOC but I have run the comps and thats what I have assumed it is worth. My mortgage is $250,000. I would like advice on trying to get a LTV of 90% so I could get a credit of $56,000. My second question is if I am able to get a HELOC can I use that as a down payment on an investment and finance the rest with a conventional lender then refinance the whole property so I can get my HELOC back and pay it off?