Quote:
Originally Posted by Alfisti
No tied to it.
So the mortgage is 300K, bank allows you to borrow $500K total, as you pay the $300K down your Line increase by same amount. So instead of 300 and 200 you are at 295 and 205 etc.
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Haven’t had a HELOC like that but transferring to a new servicer or owner shouldn’t matter because those are the contractual terms. If it would change upon sale or servicer change, should be spelled out in original loan docs.