Second Mortgage - Line Of Credit

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Hello Everyone!

I own my house have a home equity line of credit. I am getting ready to move soon and will rent out my current house. I plan on using my line of credit, which is now 225K, for investment when I move. Can I do this? Everywhere I look it states that home equity loans are for your principal residence only, will my line of credit end and convert to a fixed rate loan? Or what I am hoping for is that everything will remain as is and I can use the credit. I checked my line of credit paperwork and it states that I have to inform the lender when I move, but that's it. I am sure everything will remain as usual, but was hoping that someone might have some experience in this situation.

Thanks.

Comments(1)

  • mbrown262617th January, 2005

    I got a HELOC on my house the month before I moved out of state. Mine is with Bank One. (prime less .25%). I asked them the same quesiton prior to signing the docs and they told me that once I move just inform them of hte new mailing address and that was it. I still own the house so they didn't care........6 months later still hav ethe HELOC with no questions asked.

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