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1 Replies Last post: May 7, 2009 8:45 PM by phanio

If I have two homes, can I get to HELOC's

May 5, 2009 12:03 PM

vandiesel 1 posts since
May 5, 2009

If I own two homes, can I get a HELOC on both my primary and secondary residence?

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phanio 465 posts since
Apr 7, 2009

1. Re: If I have two homes, can I get to HELOC's May 7, 2009 10:15 PM

More than likely you can - however, your second home will be treated as an investment property - meaning that the LTVs will be much lower. So, let's say on your primary home - you get a loan or home equity line of credit up to 80% of the LTV. But, on the 2nd home - it will be more like up to 50% or 60%. Plus, all lenders will look at your personal debt to income ratio as well as your ability to make the monthly payments. Thus, just because you have equity in any home - if you cannot service the monthly payments - they will still deny.

Contact a local bank or financial institution and just ask them questions regarding their LTVs on both primary and secondary homes - this should answer a few of your questions regarding if you qualify and for how much.

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ForumsFinancing Tips

This Question is Possibly Answered

If I have two homes, can I get to HELOC's

May 5, 2009 12:03 PM

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