Posted by Lyal on September 09, 2003 at 07:17:57:
Bill,
Heloc’s are not written for an infinite amount. In some cases it will be a percentage of full market value (80%,90% and sometimes as much as 125%). Somewhere in your closing docs it will tell you the limit. Also, in most cases, you can log on to your bank’s web site and get the account details there.
All the best, Lyal
heloc - Posted by bill
Posted by bill on September 08, 2003 at 14:09:08:
I recently refinanced my home. The homeis worth $130,000, so I got a 1st for $95000 and a HELO thru another lender for $35000. I never asked what my HELOC limit was but I think it would be whatever my equity is correct? So if my house is worth 130,000 right now and I have not paid off any of the line, I cant take any more out correct? I was just thinking of using this line for investing.