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Started By
Message
Bank recs for HELOC- New Orleans
Posted on 2/17/14 at 12:30 pm
Posted on 2/17/14 at 12:30 pm
So, I'm thinking about fixing the bathrooms in my double. My first option would be to get a HELOC or regular LOC to pay for the upgrades. This would also offer me some additional immediate liquidity while the majority of my emergency fund is in a Roth.
Does anyone in the New Orleans area have a bank recommendation? I know Iberia is often mentioned, so will be looking them up.
Any recs from the MT?
TIA.
Does anyone in the New Orleans area have a bank recommendation? I know Iberia is often mentioned, so will be looking them up.
Any recs from the MT?
TIA.
1
Posted on 2/17/14 at 1:46 pm to Oenophile Brah
Capital One used to offer $99 HELOCs, not sure if they still do or not. They paid for the appraisal and everything.
Posted on 2/17/14 at 2:02 pm to TigeRoots
quote:
Capital One used to offer $99 HELOCs, not sure if they still do or not. They paid for the appraisal and everything.
Thanks
One more comment, I only recently purchased my house in September. Would a bank need another appraisal?
My mortgage is only 72% of appraised value.
Posted on 2/17/14 at 2:09 pm to Oenophile Brah
When I dealt with Capital One, they insisted on performing their own. (usually just pulling comps in the area) From what I could gather, they rarely do a full blown walk through. Pretty painless.
This post was edited on 2/17/14 at 2:10 pm
Posted on 2/17/14 at 3:06 pm to Oenophile Brah
quote:
Thanks
One more comment, I only recently purchased my house in September. Would a bank need another appraisal?
My mortgage is only 72% of appraised value.
Your loan hasn't seasoned for even 6 months yet. Your options might be limited and yes, a lender is going to require an appraisal.
Posted on 2/17/14 at 3:10 pm to Oenophile Brah
your going to have to wait 6 months.. i would stop by whitney bank. you will need a new appraisal but they will pay for it and if you have good credit and keep the loan at least 1 year there is no closing cost.
Posted on 2/17/14 at 3:15 pm to hawkeye007
quote:
your going to have to wait 6 months.. i would stop by whitney bank. you will need a new appraisal but they will pay for it and if you have good credit and keep the loan at least 1 year there is no closing cost.
Ok, good to know. I'm closing in on 6 months.
Credit is excellent so hopefully I can avoid those extra costs.
Any ideas on what I can expect rate wise?
Posted on 2/18/14 at 9:28 am to Oenophile Brah
right now the rate at whitney is 3.99% for the first 2 years and adjustable after that. most heloc loans are adjustable rate mortages.
Posted on 2/18/14 at 10:02 am to hawkeye007
You can also apply for a takedown to fix the interest rate on a set principal amount. Payments on the principal would then be added to your available draw.
Posted on 2/18/14 at 10:12 am to Dead Mike
quote:
You can also apply for a takedown to fix the interest rate on a set principal amount.
I'm unfamiliar with a "takedown". Could you explain further?
quote:
Payments on the principal would then be added to your available draw.
Isn't this standard OP, for a fixed or adjustable rate LOC? At least for a period of time, 5 yrs or so.
Posted on 2/18/14 at 10:23 am to Oenophile Brah
quote:
I'm unfamiliar with a "takedown". Could you explain further?
You honestly might not even consider it based on how long you expect to carry the principal balance if you've got an intro rate for an extended period of time, but it would allow you to essentially convert some of your principal balance into an installment loan within the structure of your HELOC (thus you might pay a fixed rate on a big chunk of principal, but as you pay down this principal it is added back to your available credit line). I'm not sure how or in what terms the feature is offered across different banks.
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