Hi Everyone - Hoping this is the correct Subreddit to post this. I'm brand-new to HELOCs. Purchased my first home in April 2020 and have ~$270K equity in it. It was a fixer-upper when I purchased and it's time to get many of the major repairs done.
I'm located in Maryland. Credit score is 840. Reaching out to ask this community what is the best way to move forward with obtaining quotes. Is there a minimum number I should get? Should I try to obtain them on the same day or within the same week to lessen the impact on my credit score? Are there brokers who are able to assist with finding the best HELOC rate?
Final bit of info: I'm looking into something along the lines of a renovation HELOC that will loan against the future value of my home. Not looking to get too crazy with the loan amount but due the amount of repairs needed it seems I will need a HELOC like this. Thank you!