All Forum Posts by: Tomas Rodriguesz

If I am understanding your question and have all the information-if you're applying as an individual and you're on “title” but not the “mortgage loan”, we would not be able to go forward with a Heloc. An applicant must be on title as well as the loan. This is due to the “Notice of Sale” document which must be recorded and each lender notified in case of any foreclosure proceedings.

As Jason said, and also if both are borrowers in the deed and you only want to be in the HELOC, keep in mind that your income has to be able to support it as well as your credit to be alone.

is there any equity in the house? Possibly a HELOC.

@JD Martin yes however refinance isn’t your only option. A heloc is another option and less expensive. In the line of credit, if you don’t use it, you won’t be paying Interest and it’s always readily available to you. Any questions please feel free to reach out

Seems like a great idea. Helocs have been increasing lately as a method of funds towards investment properties. I'm in southern California if you need any help! thank you. 

Hi Ray, 

Similarly to the other comment, both have their advantages. However a HELOC is cheaper since their isn't any fees because most banks pay them. Where as a REFY, you're looking maybe at 4-5k to begin with. In a Heloc you could be withdrawing only what you need, later on you could even refy the heloc and your mortgage together.

I'm also in SoCAL, and work with a bank. If you need anything please reach out. 

First would be to put it under your name and brothers. This would be done through a refinance. In a refinance the lender is going to want to see that you guys are able to make the payments. So credit score, DTI etc.

I think right now that's the biggest obstacle to overcome before anything. 

After that, there is a lot of options on what you can do, perhaps a HELOC etc.

Hi Hanan, 

1) You should apply for the HELOC first and if you don't take money out of the HELOC it will not affect your DTI. Only until you withdraw from it.

2) I'd say get the HELOC first before the rental properties since the rental properties will affect your DTI and can factor into your line of credit amount.

3) you can get only one HELOC per property. On primary residences the LTV lenders do are usually higher than those of investment properties.

PS You can then refinance HELOCS and Mortgages into single payment. 

Please Reach out if you have any questions. love to help !

Would it be recommended to buy an investment property outside of state before even buying your primary home? Especially since I live in an area where house are too high?