Quote:
Originally Posted by You Need a Thneed
The outstanding mortgage amount is 209k, and the house is assessed at 265 (100k less than the price I purchased the home for), however, the city doesn't know about the suite (which is exceptionally nice), and other improvements I've made.
The issue that I have in my situation, is that my brother and I share the mortgage payments (he live in the basement with his wife), but the HELOC would solely be for myself. Plus, putting it into the mortgage means that the debt is still there until 20 years from now, when the mortgage is up.
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Then you don't even have enough equity for a HELOC. 209/265=78.87%.
I'm not 100% sure, but I don't think you can get a HELOC under just your name if the title is under both you and your brother's name.
I've never underwritten a HELOC application before so maybe someone else can help you with that