Heloc vs. mortgage

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Heagy80
Posts: 2
Joined: Sun Oct 14, 2018 10:03 am

Heloc vs. mortgage

Post by Heagy80 » Sun Oct 14, 2018 10:25 am

Hi. We are moving from the northeast to Florida. Renting for a year then plan to buy. Will have about $230k down on the next home, and looking to spend about $330k. Will need to borrow $100k. I would like to do a heloc right at the start instead of paying the closing costs for a mortgage and then having to switch later. This will give me the flexibility of the LOC and plan to pay it down quick. Will a bank do a LOC on a new purchase with a good appraisal?

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