HELOC: Applying for the first time

[Lawrence Briggs]

Hello BiggerPockets family. Currently, I am doing some research to apply for my first HELOC. I would greatly appreciate any advice you all may have for me.

STATS for property & self :

• -Primary SFH since 11/2018
• -No other loans (no student loans, personal loans, or car loans)
• -Credit cards: 4 in total with zero balances
• -W2 employee

Questions:

• -Is it better to get a home appraisal before applying for the HELOC, so I know a more accurate estimate of equity?
• -What lenders have you used and would recommend? I have heard that PenFed and Bank of America were top contenders.
• -Is there a minimum lending amount that lenders require for HELOCS? I think I read many lenders require at least $25K
• -Has having a HELOC decreased your credit score?
• -Will having a HELOC on a primary home interfere with the purchase of another home. For ex: If I get a HELOC on my primary home in January 2022, but like 6 months later turn that primary home into a rental and purchase a second primary home, would this be an issue?

Thank you for your time! -- LB