HELOC loan for rental property?
I own a home in CA and I would like to buy another home and keep the current one as a rental. I want to apply for HELOC before I start the new home loan process. I want to know if i should apply for HELOC as Primary or Rental? by rsmartin389 from Agoura Hills, California. Nov 30th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
In this case, you know at the time of application of your intent, so the correct answer is you should tell them the property is going to be a rental. Rental property interest rates are higher, and come with different terms. So people fib all the time to get the lower and better owner occupied home interest rate. I lend for homes in MN, WI, IA, ND, SD. I can be found at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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