Updated over 7 years ago on . Most recent reply
question regarding HELOC
Hello BP community!
I'm trying to get my finances in order right now and I have decided to do my first flip with funds from my HELOC. I'm trying to determine what a bank or credit union will give me. If the value of my house currently is 510K and I owe 285k what is the most line of credit I can expect?
Thanx in advance! I love this community!
Real Estate is so much fun!
Most Popular Reply
As others said it all depends. I am signing papers Friday to finish up my HELOC that I have similar plans with. In Washington I was monitoring rates for 6 months before and Navy FCU was always the lowest so I am going through Navy FCU they go up to 95% at 8% interest only payments for 20 yrs then it turns to installment laon for next 20yrs.
Also I double checked they do business there and have branch in Miami but you don't have to go to branch, in fact I have never been to the branch. Fyi their membership requirements are pretty lax but need someone in family that was in military.