“Getting a HELOC can be Tricky”
Hello Joe, hope you have a wonderful weekend . Immersed in the kitchen remodel. I hit a few snags on the heloc. Originally the bank said I had access to $60,000, they did numbers wrong and it was going to be more like $25,000. I still had to then do the appraisal which was free to see what my options were. It was originally appraised in 2009 at $264,000. This time came back at $260,000. A lot of multi families in my area have been abandoned last few years so they are all selling very cheap. I know we talked about selling if they could not offer more than $50,000. Would like to talk to see options.
Originally the client came to me to refinance which I recommended against, as the plan for the property is to sell in the near future. To spend the money to refinance would make some sense if the plan was to keep the property long term.
The client may now have challenges if the appraisal doesn’t come in high enough to get the cash out that is needed to handle renovations.
Fortunately, if the client needs to borrow against his retirement account he can still accomplish obtaining the funds that are needed.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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