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HELOC build

james28

By james28
in Mortgages

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james28

james28

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I am currently building a new home that will be used as a rental using a HELOC secured on my current home.  I am in the 2nd year of the 10yr draw period and the house should be done next year sometime.  My question revolves around my options once the house is done.  Will I be able to get a fixed rate mortgage?  Thank you


Glacier

Glacier

Posted
Posted

Not a mortgage expert, but I would think once the house is complete, you would be able to obtain a fixed rate mortgage on the house, assuming your DTI ratios, and credit scores, and Loan to Value numbers can support said mortgage.  

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