Posted on: 05th Oct, 2009 06:18 am
When I have a zero balance in a home equity line of credit, can I apply for a 2nd home equity line of credit and close the 1st line after I secure the 2nd one? What is required for me to disclose when I apply for the 2nd line of credit when I intent to close the 1st one as soon as the 2nd one is approved?
guest, your new lender will automatically require that the existing credit line be closed concurrent with the inception of the new one. obviously, you need to be upfront about the existence of the line you have when you begin discussion with this new lender.
better if you try to for refinance. it would be safe & easy for both you & new lender
precisely what he's talking about, presumably.