Heloc Cash Out- For all the same reasons you would take a cash out refi but keep your low rate mortgage.
5 Day HELOC:
Min score 640
Stand Alone HELOC – Primary Residence, Second Home or Investment (SFR, Townhome, Warranted Condo Only)
Funds available in as few as 5 days
No restrictions on use of cash out
Up to 80% combined loan to value
No standard appraisal
Standard HELOC
Primary and Second Homes – Single family, 2-4 unit, PUD and Warranted Condos
20 year term – First 10 years Interest Only – Years 11-20 Repaid in Full
Min FICO 640
Max Loan to value 85%
Max DTI 50%
