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Are HELOC's Still a Thing?
Posted on 3/8/24 at 4:31 pm
Posted on 3/8/24 at 4:31 pm
And if so, what are the going rates if you stick below 80% TLTV?
What are the closing costs on these?
I used to deal with them 25 years ago working at a mortgage broker, but I assume many things have changed since then.
What are the closing costs on these?
I used to deal with them 25 years ago working at a mortgage broker, but I assume many things have changed since then.
Posted on 3/8/24 at 4:47 pm to deeprig9
Did one about a year ago with no closing costs. Rate is at 9% right now though so try not to use it much.
Posted on 3/8/24 at 4:53 pm to vistajay
quote:
Did one about a year ago with no closing costs. Rate is at 9% right now though so try not to use it much.
Do they still give you a checkbook for it like the old days? Any annual fees? Did you do it through your mortgage servicer or go elsewhere?
Posted on 3/8/24 at 5:12 pm to deeprig9
I set one up after purchasing my house just to have a contingency set up. Was no fees (waived). Used it to pre-pay sons private school tuition. Was 8% for the 1st year and with prepay discount nearly canceled out the interest. Figured it was worth the hassle of not having to make 12 monthly payments.
Posted on 3/8/24 at 5:32 pm to deeprig9
Yes. I had a great intro rate but now north 9%. Was able to land a cash purchase on a flip with about 150k in equity and now doing a cash out refi to pay it down.
Posted on 3/8/24 at 5:47 pm to Billy Blanks
I just need some trees taken down. I could pay cash for it but it would reduce my cash position down to a level I wouldn't feel comfortable with. So spend someone else's money with a lien on my house, then pay it back over 3 or 4 months. But I also fear my wife will learn of this magic and suddenly my whole house becomes a construction site.
Posted on 3/8/24 at 6:04 pm to deeprig9
quote:
But I also fear my wife will learn of this magic and suddenly my whole house becomes a construction site.
True. That's a slippery slope.
I think it helps to have access to cash to deploy at any time if needed. It's good to get it set up prior to needing it.
Posted on 3/8/24 at 7:48 pm to deeprig9
quote:
And if so, what are the going rates if you stick below 80% TLTV?
I have one with PenFed, they don't understand early retirees finances nor sources of income that can be utilized. Took about 90 day, it was literally a PITA even with ~ $650k equity in the house. No closing costs, current rate is 8.75%, I haven't used it in 2 years, think the draw period extends another 8 years.
Posted on 3/8/24 at 9:12 pm to deeprig9
I think I saw a rate of 7% Apr for a HELOC through one of our CCs 6 month. F that. Got too many other lower rates out there for now.
Posted on 3/8/24 at 9:45 pm to deeprig9
(no message)
This post was edited on 3/8/24 at 9:53 pm
Posted on 3/8/24 at 9:52 pm to deeprig9
quote:
Do they still give you a checkbook for it like the old days?
![](https://images.tigerdroppings.com/Images/Icons/IconLOL.gif)
![](https://images.tigerdroppings.com/Images/Icons/IconLOL.gif)
frick no. that is some 1990's shite.
do it all online. transfer funds from the line to your checking and roll with it.
Posted on 3/10/24 at 8:27 am to deeprig9
quote:
Do they still give you a checkbook for it like the old days?
The one I had came with a credit card connected to it. I never even activated that.
Posted on 3/10/24 at 9:07 am to deeprig9
quote:
I could pay cash for it but it would reduce my cash position down to a level I wouldn't feel comfortable with.
There are costs associated with setting one up.
Posted on 3/11/24 at 1:22 pm to deeprig9
there is a 6 month intro rate that is around 7.99% there are no cost with the loan as long as it stays open for 12 months. that's the rule at Hancock Bank at least
Posted on 3/11/24 at 6:25 pm to deeprig9
quote:
I just need some trees taken down. I could pay cash for it but it would reduce my cash position down to a level I wouldn't feel comfortable with. So spend someone else's money with a lien on my house, then pay it back over 3 or 4 months. But I also fear my wife will learn of this magic and suddenly my whole house becomes a construction site.
You can do a heloan as well. Instead of a line of credit it will be a fixed rate/amount. The rates are most likely lower than a heloc and will be tiered based on your LTV and credit score. Might save you a few bucks interest for a one project cost. And your wife won’t have an and open line of credit ;)
This post was edited on 3/11/24 at 6:28 pm
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