Can i have two HELOC form different banks?

Question

Can i have two HELOC form different banks?

Answer 1

Depends on whether the second bank will give you one when they know you already have one and the equity you have in the home......  You can have as many as you can get approved for..... that's the question.

Answer 2

It is possible but probably not wise.  If you also have a first mortgage, be sure you can afford all those payments.

Answer 3

Yes.  I have actually done this.  But the HELOC requires as collateral a lien on your house and I have never heard of a lender that will take worse than second position.  This means that you can get two HELOC's only if you have no regular mortgage.  When I did this, I used one to pay off my old mortgage because I wanted a variable rate and the fees on an ARM were huge, but for a HELOC the bank ate all the appraisal, title, etc. fees.

Answer 4

It is not illegal, but the second bank is not likely to approve you as long as the first HELOC is open.  If you fail to mention the existing HELOC, you are committing fraud.  That is a criminal offense.