Multiple HELOCs on the same property with the same bank?
Hello everyone,
I'm new to BP and just recently started my REI journey. I'm trying to be creative with my financing and will most probably tap into my home equity in the near future, but I am unsure if my thinking is possible.
If I co-own my primary residence ($250k) with my sister (mortgage with bank#1; $150k in equity), can I obtain 2 separate HELOCs (@$50k each, instead of 1 HELOC@100k) if both are with bank#2? (separation of HELOCs for administrative purposes between my and my sister)
[numbers used are examples only]
I've tried looking online, but all scenarios lead to it being with 3 different banks (with one having less claim over the property). I was thinking if it was with the same bank, technically, the bank shouldn't have any problem since 2nd and 3rd claim are within the same bank?
Has anyone gone through this? Any comments/feedback would be appreciated!
Thanks,
Mitch