Posted by Wayne-NC on September 23, 2004 at 09:55:14:
I have done plenty as you describe and only used attroneys for the closing. Just be very sure that the numbers work with new mortgage payment along with the HELOC payment. The bank will also compute the debt to income ratio on this new loan as well with both payments in mind.
Home equity line of credit - Posted by newbie
Posted by newbie on September 20, 2004 at 20:17:04:
Can I use an HELOC on my current residence to place a down payment on a new primary residence? I plan to turn my current residence into a rental property.
Re: Home equity line of credit - Posted by Joel
Posted by Joel on September 20, 2004 at 20:46:49:
Oh absolutely, I have many clients who have done that.
Just make sure you have enough funds for closing costs too.
Successful investing
Joel
Joel
Re: Home equity line of credit - Posted by newbie
Posted by newbie on September 20, 2004 at 23:19:40:
In this type of scenario would I need to contact a real estate lawyer and a cpa who specialized in real estate?