Updated over 6 years ago on . Most recent reply
Banks that offer HELOC as a purchase
Does anyone have a list of banks that offer a HELOC as a first lien mortgage for purchase? This strategy is all over the Internet and allows you to pay your home off in 5-7 years if done correctly. I called around but have not found any bank that offers a HELOC for a purchase. Anyone know of any?
Most Popular Reply
Hi Luis, I'm not sure I understand your question. A HELOC is created on a piece of property that you currently own. Are you asking about getting a HELOC on your primary residence to use to buy a rental property? If so you have lots of options with your local banks and credit unions. People seem not to shop around much and that is a costly choice.
The other possible way I might understand your question, is that you could buy a house for cash and then take a HELOC out on it. That is another option, and banks can do that.
Does that make sense?