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Can you get a home equity line of credit on a property that you own, but do not live in? |
Can you get a home equity line of credit on a property that you own, but do not live in? Hi Cool Dad, Great question! You can absolutely get a HELOC on a property you own but in which you do not live. In fact, most real estate holding companies do this on their rental properties to avoid judgement claims against the equity in their rental units. The rates are actually pretty much the same as if the HELOC was taken on your primary residence. Most banks add .5% (50 basis points) to your rate due to the extra risk of default on these types of properties. So for example, if your rate was 8.25% (the current prime rate), then your unoccupied property would have a rate of 8.75%. As always, you can call me at the branch to discuss your options or apply for the line. 813-681-2866 Good Luck! Frank Source(s): www.wachovia.com Yes.... but they will only give on what you got into it. I AM Yes, but the rates aren't too desirable. |
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