Best HELOC Product?
I currently have a small HELOC on my current residence that I would like to expand into a larger line. Is it best to go with the current bank I have this HELOC with or shop around for another product and pay the remainder of this one off? I will be using this line for a downpayment on the purchase of an existing home that will be torn down and redeveloped into a multi-fam. Thanks to all in advance for the ideas!
Greetings tjwbills,
I would suggest talking to your existing lender first. Depending on how much you want to pull out, it will probably be far less costly and a whole lot easier to get done. If they’re not willing to work with you, then you can start shopping other options.
Thanks for the reply! I was beginning to think that I started the first post ever to not get replied to ; )
I will do that. One other question:
I will be using the line as a downpayment source for a purchase of an existing property, demo, and construction of two townhomes on the property. I would like to get just one loan product to handle the purchase and C to P. Do they have this type of product? If so that would be great as I could avoid two closings.
mcole is right--looking into your existing lender is definitely your best first move. That will save you lots of paperwork, money, and time; however, if they are not helpful or reasonable, you have other options with many lenders--Construction to perm is not new..Just mention it to the lender.....Good luck