HELOC for Investment Property

[Damon J.]

I have purchased a home in cash, renovated in cash and now would like to finance it.

Looks as though HELOC would be best option. Who do you use for investment properties?

Alternatively should I eat the initial fees and go with a 30 yr conventional loan?

[Aly W.]

I have 3 HELOCs with TD Bank and one with a credit union. I have a good relationship with the bank, and yes, the loan is callable but most are for whatever reason. Brendan, what do you mean by temporary? Mine are 20 year terms. Banks don't want the loan back, they want the interest payments.

My last 3 HELOCs were on properties that we paid cash for. The first HELOC was on a property with a first mortgage. The HELOC origination fee is $99 with TD Bank. We plan to hold the properties for at least 10 years. If the rates start to climb (they're in the mid 4%'s now) we can turn them into fixed rate loans.