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Condo, $1.4-1.6 comps, no mortgage. What's the maximum HELOC I can get and at what rate?
i think banks have a $ limiit on helocs even if LTV not in question, ie. chase has $250k max on heloc.
I am a mortgage broker with Wells Fargo. My advice to you is to take out a small 1st mortgage, can be lower than $100K, then you would be elligible for a 2nd from Wells Fargo in the amount of $500,000.00. They will also pay the transfer tax, so that's a big savings. (close to $10K)
E.S. Funding Co.
just curious, would the limit depend on the use of the HELOC? say, if it's for doing a renovation on the same property the LTV would be higher?
what if you wanted to put a stripper pole in your place?