HELOC is taking too long--what to do?
We're cutting it close; we applied for the HELOC in early December, and had lots of forms to send in, etc. (it's a co-op apartment, so there's a third business entity in the transaction). Then the lawyer collecting the material said "we don't have the UCC-1 form" when she did, and "the proprietary lease info is not complete" when it was.
The loan is at the underwriter's, first chance to close it is Tuesday, first chance to withdraw funds is (if I'm remembering right off the top of my head) Wed or Thurs due to the waiting period.
Construction starts Monday, though, and we need to be able to write a check for a huge chunk of the final payment then. Plus, we're paying for the remainder of the cabinets tomorrow (we already paid half down out of savings). We paid for appliances out of savings.
We'd hoped to do this whole thing off the HELOC, and leave the savings untouched. But at this point, there won't be much left to cover w/ the HELOC.
We *have* the money in savings, but we didn't want to deplete it, which this nearly will (my DH is working from home so he's not bringing in much, and his comfort level requires a sizable savings account). We paid off the mortgage a year or two ago, and were hoping to just use the mortgage-payment part of cash flow to pay off the HELOC at .75% above prime.
So, do we just deplete the savings account?
Do we pay our savings account back out of the HELOC?
Do we use the credit-card checks to cover the gap--use them to pay the contractor & cabinets, and then pay off the credit card bill in a week and a half w/ the HELOC checks?