I am trying to buy a property and get a mortgage on it and at the same time I want to take out a HELOC on my other property. These two will be at different banks, but my concern is that the banks might not approve either one of them if I do it at the same time. Should I try to get a morgage first and then go for a HELOC? Banks tell you not to open any lines of credit while the mortgage is being processed because they might not approve it. Please help; thank you.
My situation is similar. But I am actually in the process of Refinancing and shoping for a mortgage. Not sure if I it makes sense to do both at the same time or if I should wait until the refinancing is done to then apply for mortgages. Hopefully someone with experience can shine some light on these situations.
Lock up the mortgage then hit the HELOC. The HELOC is typically a very quick and easy process with minimal underwriting. You want to keep your credit as stable as possible while you are waiting for your mortgage to close. Something minimal can have a substantial impact on the loan. HOLD OFF!