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Started By
Message
Home Equity Loan needed
Posted on 8/14/24 at 6:49 pm
Posted on 8/14/24 at 6:49 pm
I’d like to cash out some equity in my house. I would like a home equity loan for the benefit of a set interest rate. It’s a one time simple interest loan. Recommendations please. Online or in the Baton Rouge area.
7
Posted on 8/14/24 at 8:56 pm to Sofaking2
everything ok baw?
Posted on 8/14/24 at 9:00 pm to Sofaking2
quote:
It’s a one time simple interest loan.
Ehh. Let me know where you find a simple interest loan.
I assume you meant “simple” as in straightforward?
Posted on 8/14/24 at 9:18 pm to JohnnyKilroy
Yes, I am good. Thanks, lol
Posted on 8/15/24 at 6:19 pm to Sofaking2
Do what you have to. A HELOC is a spiderweb that will almost always catch its prey. Could not pay mine off fast enough.
Posted on 8/15/24 at 7:30 pm to Shepherd
I set up a HELOC for %50k then found out they wanted Prime, plus 2% on any draws I may make. It has sat there for 2 years, waiting to die. If I just kill it, they charge me fat cash to get out. 
Posted on 8/15/24 at 8:00 pm to Hangit
Not many will charge a fixed interest rate.
Posted on 8/15/24 at 8:41 pm to LSU1018
quote:
Not many will charge a fixed interest rate.
No, but i figured it would be a bit better than that, considering they spam me twice a week begging to show how they can help me.
They meant help me put my money in their pockets.
Posted on 8/15/24 at 9:10 pm to LSU1018
A lot of banks provide fixed rate home equity loans. The money is provided lump sum and you pay interest on that amount, much the same as a fixed rate mortgage.
Posted on 8/16/24 at 7:17 am to Bermuda99
quote:
lot of banks provide fixed rate home equity loans. The money is provided lump sum and you pay interest on that amount, much the same as a fixed rate mortgage.
Yeah it’s just a second mortgage.
Posted on 8/16/24 at 12:28 pm to slackster
quote:
Yeah it’s just a second mortgage.
With much more flexibility. OP, I got a HEL almost 3 years ago and it took so long to underwrite I ended up paying $30k cash for new stucco and a roof. They don't charge an annual fee or anything so I have kept it open. It was quite the opposite when I was buying a Land Cruiser last week and they approved he loan in less than 5 minutes.
Posted on 8/16/24 at 7:35 pm to tirebiter
quote:
I got a HEL almost 3 years ago and it took so long to underwrite I ended up paying $30k cash for new stucco and a roof.
They started telling me everything they wanted, lol. Too much hassle and mess. It takes too much time and effort for a Home Equity Loan or even a HELOC. I’ll just cut back on other stuff. I appreciate the comments. I got 3 quotes, but it’s just too much aggravation. I’m not a bad position. I just wanted to look at my options.
This post was edited on 8/16/24 at 7:49 pm
Posted on 8/16/24 at 8:06 pm to Sofaking2
I’m truly baffled reading this thread. It’s a similar process to obtaining a loan, which isn’t too difficult. Some tax returns, a W2 and an appraisal? My Heloc has a fee of $50 a year. It’s great to have access to if you need it. No penalty to pay it off early. 30 year term. Try someone at first horizon(started it with Iberia).
Posted on 8/16/24 at 11:31 pm to Sofaking2
I got a HE loan (2nd mortgage) about 3 years ago.
Simple process: application, w2s, tax returns, etc. closed within about a month or so.
Thought about heloc, but that arm is scary, and didn’t want to be tempted to pay only the interest as it allows you too
Simple process: application, w2s, tax returns, etc. closed within about a month or so.
Thought about heloc, but that arm is scary, and didn’t want to be tempted to pay only the interest as it allows you too
Posted on 8/17/24 at 7:57 am to Sofaking2
What are you trying to do with the money? The benefit of a home loan is the interest likely has tax benefits. But, I got a loan through lightstream online to pay for a portion of my boat and the rates are extremely competitive and it took maybe 30 mins to do online. I’d start with light stream now to see what options they have then look locally.
Heloc type of loans seem to have a ton of flexibility in their rates
Eta: by flexibility I mean banks seem to offer a different rate monthly
Heloc type of loans seem to have a ton of flexibility in their rates
Eta: by flexibility I mean banks seem to offer a different rate monthly
This post was edited on 8/17/24 at 7:58 am
Posted on 8/18/24 at 9:06 am to Sofaking2
quote:
I’d like to cash out some equity in my house.
For what purpose? Borrowing is very expensive these days. Hopefully to pay off other debt at a higher rate?
quote:
It’s a one time simple interest loan.
Yeah, will definitely be compounded interest. Which is perfectly normal when borrowing.
This post was edited on 8/18/24 at 9:09 am
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