HELOC providers in Austin?
Hi Folks
We are trying to get a HELOC on our primary residence in order to grow our rental business. Running into a tough time (Amplify CU had some really weird rules around recognizing rental income from our other properties). Can anyone recommend a HELOC provider they have successfully worked with? Alternatively, a portfolio lender or bank that we can work with to get a portfolio LOC?
Thanks
Edwin
@Edwin Sequeira I am having the same issue securing a HELOC on my primary. Let me know if you ever find a solution but I have called pretty much every bank in town asking them and the appetite for risk is just not there right now.
Mine is through BBVA, they did an excellent job and there were no origination fees.
@Robert Eyers Thank you for the tip! We will check them out this week.
@Edwin Sequeira @Stephen Stokes I'm curious what you wound up doing. I'm looking for a HELOC in Austin too. I've never done one before so I'm new at this.
@Shane Blackshear I closed with BBVA. Very smooth process.
Originally posted by @Shane Blackshear:@Edwin Sequeira @Stephen Stokes I'm curious what you wound up doing. I'm looking for a HELOC in Austin too. I've never done one before so I'm new at this.
We closed with BBVA as well several months ago...pretty painless. They had a slight hiccup with the acquisition by PNC bank, but overall I would recommend
Ok I have two sources. RBFCU will do one on your personal residence. PenFed will do it as well but they also will do rental property as long as you don't havre more than 4 properties. These are both credit unions in the area and easy to qualify for membership.