need some advice from the wonderful folks here a FW ..
I bought an Investment property with Cash (short sale). It is currently rented for 24months.
I do not want to get a Mortgage as I don't need the cash right now (translate - don't want to pay interest).
I will need to eventually tap into the equity as I plan to buy more properties.
So the question is : Can I get a HELOC for my Investment property which has NO mortgage.
It not what are my other options.
I have heard of an Umbrella mortgage - I can I get an umbrella HELOC (rolling my existing primary residence and my investment property)
what is the best way to have access to my equity ???
any help is appreciated ...
PS: Also I bought a short sale property; And since I got it with cash I have to wait 365days before I can apply for mortgage. This was told by one Mortgage broker; This has not been confirmed or denied by other Brokers. Seems to be a grey area.
Wells Fargo does not service IL TD Bank does not service IL Huntington Bank does not service IL
I tried CITI, PNC and Harris .. no go with either one. They do not offer HELOC for Investment properties.
have to try PENFED
posted: Mar. 19, 2013 @ 9:45a
bump .. anybody ??
thanks HBax for the links ...
posted: Mar. 19, 2013 @ 9:52a
Why not just get a mortgage when you actually need the money. Usually on HELOCs there's an initial draw, and if they sit with a 0.00 balance for a while, they are prone to closure by the bank.
posted: Mar. 19, 2013 @ 10:07a
lotusgardener said: Why not just get a mortgage when you actually need the money. Usually on HELOCs there's an initial draw, and if they sit with a 0.00 balance for a while, they are prone to closure by the bank.
yeah I thought a about it .. but as I mentioned, I was told by one Mortgage broker that I should not finance a cash short sale under 365days; This has not been confirmed or denied by other Brokers.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.