- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
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.
7
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?
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
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News