Posted on: 30th Aug, 2012 01:58 pm
I need to find a new lender for a HELOC to replace a present HELOC. The reason I need to replace the HELOC is to remove the co-borrower due to divorce and is mandated in the MSA. Unfortunately, I have a couple of things going against me. The first is that at present I have tenants in the single-family residence therefore it’s not owner-occupied and the second is that the home is little down on the value side which means I would have to have an 88% loan to value. Are there any lenders out there that could do this?
You may not be able to get a HELOC, but its worth a try. Some lenders will go to 90% on the Heloc. If not, why dont you consolidate both loans into one payment. Interest rates for a 30 year loan are under 4%.
Hi fackbell,
I agree with what Chris has said. As Chris has said, there is no harm in trying. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not they can help you in any way.
I agree with what Chris has said. As Chris has said, there is no harm in trying. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not they can help you in any way.
I am looking for a non owner occupied HELOC for single family home. Occupied & renting at $1800. Loan would be in first position.
Appraised value of $275k. 800 credit score. Currently $100k due. Ten year term almost over. I need in and out flexiblity for business. Lender wants to start amortization schedule.
Appraised value of $275k. 800 credit score. Currently $100k due. Ten year term almost over. I need in and out flexiblity for business. Lender wants to start amortization schedule.
Hi leonard,
So what is your exact query? Do you want to know whether or not the lender will allow you the flexibility of in and out?
Thanks
So what is your exact query? Do you want to know whether or not the lender will allow you the flexibility of in and out?
Thanks