HELOC on a second home

Asked by Out and About, New Jersey Thu Sep 6, 2012

is it possible to get a heloc on a second home? can you have 2 homes, w/2 mortgages and get a heloc on both?

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4
Jess Kustura, Renter, USA, Mobile, AL
Thu Oct 11, 2012
You may subtract attention on HELOCs properly secured by your main property. You may also subtract attention on a second house HELOC so long as you do not rent
Web Reference:  http://www.trainup.com/
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James Furlong, Agent, Brookline, MA
Thu Sep 6, 2012
Best to speak with a mortgage broker and provide him/her with your financials - won't really know until a mortgage expert looks over your numbers. Best of luck.
0 votes
Out and About, Home Seller, New Jersey
Thu Sep 6, 2012
yes, i would like to max out the LTV on both. can it be done?
0 votes
James Furlong, Agent, Brookline, MA
Thu Sep 6, 2012
Yes, but it will depend on your financial situation. Given the low rates on the 30 year fixed mortgage it might make more sense to just go with one larger mortgage on each property unless your goal is to max out your LTV on both properties.
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