Is it possible to have 2 equity line of credit on the same house?

I own my own home and I have 2 mortgages. 1 conventional and the other a HELC. Can I get another one? The home is only 6 months old? I need to do some upgrades and repairs to the home. Should I take out another HELC or personal loan instead or? I%26#039;m looking for max $10K Any suggestions? Do%26#039;s %26amp; Dont%26#039;s?

Is it possible to have 2 equity line of credit on the same house?

I am not sure why you are doing %26quot;repairs%26quot; on a new home, but I would steer clear of adding additional financing to your home. If it is only 6 months old, and you purchased new from a builder, then you are probably upside down anyhow, and you won%26#039;t get a loan.

Finally, what did you do with the HELOC you already have? if you didn%26#039;t use it for home improvements, just an fyi, the interest may not be fully tax-deductible, if deductible at all. Hope this helps.

Is it possible to have 2 equity line of credit on the same house?

It will depend on the amount of equity you have. Check the site below for additional information and access to lenders or call around to a few banks. Compare rates and fees. Check your credit score. It may help to have your credit report reviewed first for errors and corrected in order to get the best rate.

Is it possible to have 2 equity line of credit on the same house?

Yes. There is virtually no limit to the number of loans you can have....so long as the amount borrowed and the credit limit does not exceed the value of your home (otherwise it would be an unsecured loan).

For instance, if your house is worth $200K. Your 1st mortgage is $175K and your HELOC is for $15K then you still have $10K available.

(200-175-15=10).

I%26#039;d check with your existing HELOC bank to see if they can increase the credit limit (often that%26#039;s easier than getting a new loan).