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We just purchased our home with cash. We would like a HELOC to complete landscaping, buy furniture. Is this possible

by sportl_342_366 from Red Bluff, California. Oct 29th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,553 contributions

Absolutely.. You can do a First Position HELOC... Most of your local mortgage brokers will be a good source to find such a product.. Click on the "Find a Lender" tab above, and type in your zip code.. if you get little or no results, try Google. Type in "Mortgage Broker (Zip code)"... you will get a list of local brokers.. it's best to use a broker rather than a bank.. Since most banks have one set of rules, if there is something out of the ordinary about your scenario, they will most likely turn you down since their guidelines have little to no flexibility.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 29th 2012
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Patrick McCarthy (PatrickM)
#25 ranked lender in Ohio - 196 contributions

You should be able to secure a Home Equity Line of Credit (HELOC). Most banks will want you to be in the home for at least 6 months, but I would check the local banks in your area to make sure.

Oct 30th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

It is possible to do that...most lenders are going to require you to have been in the home for at least 6 months though, refered to as "title seasoning" as well as you being able to qualify for the loan with good enough credit etc etc. A HELOC is going to have a 10 year term on it, do you really want to pay for furniture and landscaping for 10 years?

Oct 30th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Yes, this is possible. Work with a local community bank. I do not recommend using a CU for a real estate transaction because most of them now include a "Cross-Collateral Clause" in their documents. This means that you are using the collateral you are pledging for one loan as security for all of the other credit you have with them. To understand this, read my blog post which can be found here: http://www.lender411.com/mortgage-articles/4314/dont-borrow-where-you-bank/ ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Oct 30th 2012
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Indeed you can do this!

Oct 29th 2012
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Jeremy Redlinger (JeremyR)
#31 ranked lender in Minnesota - 191 contributions

Should not be a problem as loan as your credit is up to par.

Oct 29th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Sure, also suggest checking with local credit unions. The are often very competive.

Oct 29th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,240 contributions

Yes it is!

Oct 29th 2012
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LISA OGLESBY (ctcloan)
#161 ranked lender in Florida - 13 contributions

Yes it is possible. I agree with Phil..check with the local banks for HELOCs, not too many brokers offer these anymore.

Oct 29th 2012
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