- Joined
- Mar 17, 2011
- Messages
- 133
So I'm starting to kick tires and look for my next rental property. Currently I have $40K in cash and $55K available on my personal residence HELOC.
I have heard that in order for your HELOC to count as "cash" for down payment purposes you have to actually take it out and put the money in a regular account and let it sit for 3 months. Could anybody tell me if this is true for all financial institutions?
Currently I use TD for all my finances but for this next house I plan to use a mortgage broker. My local TD branch isn't very good to work with.
Thanks in advance for your replies!
I have heard that in order for your HELOC to count as "cash" for down payment purposes you have to actually take it out and put the money in a regular account and let it sit for 3 months. Could anybody tell me if this is true for all financial institutions?
Currently I use TD for all my finances but for this next house I plan to use a mortgage broker. My local TD branch isn't very good to work with.
Thanks in advance for your replies!