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August 24, 2007
HELOC
I closed on my 3-family brownstone in April, 2007 and am having trouble getting a HELOC. HSBC won't give one to me until I have 2-yrs history as a landlord since my ability to pay the mortgage depends on my income plus the 2-apartment units I am renting. I am looking for a fixed-rate HELOC. Anyone know where I can get one for @ prime w/o having to pay for closing costs? Thanks.
Comments
The mortgage industry has gone upside down in the last couple of weeks. Your ability to get a heloc will really depend on your credit score. With a 720 or higher you should have no problem. With lower scores you will need to show and prove income that will cover your mortgage and your heloc payment. Or have enuf assets to cover the heloc amount.
Posted by: guest at August 24, 2007 11:07 PM
It will also depend on how much equity you have in your house.
If you have upwards of 20%, you should be fine.
Posted by: guest at August 25, 2007 12:14 AM
I used a mortgage broker and was able to get a better rate on a fixed rate 2nd mortgage, compared to a heloc with a changing rate. The name of the broker is trachtman & bach in park slope on 7th ave. Hymie S. was the guy I worked with.
Posted by: guest at August 27, 2007 12:17 PM
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