Sample APR assumes a new $ 100,000 HELOC in second lien position with a combined loan - to - value (CLTV) ratio of up to 70 % on a 1 - to 4 - unit owner - occupied primary residence and a borrower with excellent credit. (bankofamerica.com)
I have represented many whose second lien positions evaporated because they couldn't cure the first, and foreclosure sales are often not for FMV. (biggerpockets.com)
With both the first and second lien positions locked up in a combo loan, owners who want access to any future equity accumulated in the home for a remodeling project or addition will be hard pressed to find a lender willing to accept the third position. (realtormag.realtor.org)