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Rehabbing & House Flipping

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Frank S.
  • Specialist
  • Tulsa, OK
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25
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Using a HELOC to Flip - How does it work?

Frank S.
  • Specialist
  • Tulsa, OK
Posted Mar 4 2017, 10:45

A local credit union has approved us for a 100% LTV HELOC on my primary residence. I will be able to access a line of credit of approximately $130,000 (Which will be more than enough for flips im looking at).

I guess my question is how the whole process works? How do I take the money out of the home equity line of credit to pay for the house I want to buy? Do I write myself a check or something? 

Also, when I need money to rehab the house, can I just access the line of credit whenever I want without being questioned by anyone from the Credit Union?

Really just trying to get insight on how the HELOC works. Thanks in advance!

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