Lieing To The Bank? Heloc
Hey guys, I am in the process of taking equity out of my primary residence to buy more rental property.
This is the question I'm stuck on.
What is the purpose of the line of credit?
Purchase Other Dwelling
Home Improvement
Refinance
Purchase RV or Boat
Debt Consolidation
Other
I was told if I tell the bank that I am purchasing another dwelling that it would be much harder to get a heloc. Is that true?