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What is required for me to disclose when I apply for the 2nd line of credit?

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Guest	Posted: Mon Oct 05, 2009 6:18 am    Post subject: What is required for me to disclose when I apply for the 2nd Like 0 Dislike 0 When I have a zero balance in a home equity line of credit, can I apply for a 2nd home equity line of credit and close the 1st line after I secure the 2nd one? What is required for me to disclose when I apply for the 2nd line of credit when I intent to close the 1st one as soon as the 2nd one is approved?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Oct 05, 2009 8:19 am    Post subject: Like 0 Dislike 0 guest, your new lender will automatically require that the existing credit line be closed concurrent with the inception of the new one. obviously, you need to be upfront about the existence of the line you have when you begin discussion with this new lender. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
leeelliot61 Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)	Posted: Mon Oct 05, 2009 9:45 am    Post subject: Like 0 Dislike 0 better if you try to for refinance. it would be safe & easy for both you & new lender
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Oct 05, 2009 9:54 am    Post subject: Like 0 Dislike 0 precisely what he's talking about, presumably. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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