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Mitchell Hein's profile image
Mitchell Hein's profile image
Mitchell Hein
  • Investor
  • from Bryan-College Station, TX
  • Member since Jan 12, 2020

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Mitchell Hein's profile image
Mitchell Hein's profile image
Mitchell Hein
  • Investor
  • from Bryan-College Station, TX
  • Member since Jan 12, 2020
Mitchell Hein
  • Investor
  • Bryan-College Station, TX
27
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Mortgage Brokers & Lenders

HELOC on rental property (duplex) in Texas

Mitchell Hein
  • Investor
  • Bryan-College Station, TX
Posted

Hello,

I know this has been posted a few times, but as the landscape for these products tends to change frequently, is anyone aware of any lenders that are offering HELOCs on a rental property (duplex specifically) in Texas right now (Aug 2024)?

I have equity in my duplex that I would like to leverage, but the interest rate on the mortgage is at 2.7% so I don't want to cash out refinance (considering interest rates right now are in the 6-8% range). I want to open up the HELOC to have as our emergency fund so I can deploy some of the cash we have saved up right now.

Bryan-College Station, Texas
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Jay Hurst's profile image
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Jay Hurst
  • Lender
  • from Dallas, TX
  • Member since Mar 29, 2017

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Jay Hurst's profile image
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Jay Hurst
  • Lender
  • from Dallas, TX
  • Member since Mar 29, 2017
Jay Hurst
  • Lender
  • Dallas, TX
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Jay Hurst
  • Lender
  • Dallas, TX
Replied
Quote from @Erik Estrada:
Quote from @Mitchell Hein:

Hello,

I know this has been posted a few times, but as the landscape for these products tends to change frequently, is anyone aware of any lenders that are offering HELOCs on a rental property (duplex specifically) in Texas right now (Aug 2024)?

I have equity in my duplex that I would like to leverage, but the interest rate on the mortgage is at 2.7% so I don't want to cash out refinance (considering interest rates right now are in the 6-8% range). I want to open up the HELOC to have as our emergency fund so I can deploy some of the cash we have saved up right now.


Yes UWM offers them. Any Mortgage Broker can help with this. You can also do a standalone DSCR 2nd if you do not qualify based on DTI


 Not in Texas. 

  • Jay Hurst
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