Never knew you could have multiple HELOCs legally

Considerations and Costs

Before pursuing multiple HELOCs, evaluate the costs involved. Lenders may charge application fees, annual fees, or closing costs, which can add up quickly. Additionally, variable interest rates mean your payments could increase over time, so it's crucial to budget accordingly.

Another consideration is the loan-to-value (LTV) ratio. Lenders typically require an LTV of 80% or lower, meaning your combined mortgage and HELOC balances should not exceed 80% of your home's appraised value². Maintaining a low LTV ratio can also help you secure more favorable terms.