Home equity line of credit

Asked by Gigi, Danville, CA Tue Oct 6, 2009

I have a home equity line of credit open on my rental property. I just moved recently. How can I do for the equity line of credit? Can I just change the address?

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Dick Barnes, Agent, Danville, CA
Tue Oct 6, 2009
Hi Gigi,

An open equity line of credit on any property these days is hard to come by. A lot of lenders have closed these lines down for fear of the falling values in homes. I'm unclear if you moved or if you're rental property has changed? You may want to make this more clear.

In general, both you and the property have to qualify for an equity line of credit. You need sufficient capacity to pay the loan should you draw on it and the property needs suffieicent equity to support the credit line.

If you still own the rental property and just changed your primary residence, you should be fine. I would discuss this with your lender or mortgage broker if you are unclear.

I hope this helps. I live and work in Danville and hope you are enjoying this gorgeous fall weather.
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, ,
Tue Oct 6, 2009
It's attached to that property address. You can't move it around. That's called a line of credit which is not attached to anything...and I wouldn't recommend closing it because those suckers are hard to get on investment properties. You'll have to qualify for another Equity line on the new property.
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