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HELOC question - bank asking to be added to HOI as 2nd mortgagee
Posted on 6/21/23 at 3:41 pm
Posted on 6/21/23 at 3:41 pm
For the first time, getting a HELOC as an emergency fund if needed (now) and possible for renovations in the years to come. The bank is asking to be added to the home owners insurance policy as a 2nd mortgagee. Is this standard? TIA 
4
Posted on 6/21/23 at 3:45 pm to The Hamburglar
Yes
Posted on 6/21/23 at 3:50 pm to The Hamburglar
Yep.
Went through this last summer, easy process, usually just a 1 pager that insurance company fills out.
Went through this last summer, easy process, usually just a 1 pager that insurance company fills out.
Posted on 6/21/23 at 4:38 pm to The Hamburglar
What kind of rates you seeing?
Posted on 6/21/23 at 8:38 pm to The Hamburglar
Standard. Just did the same and had to do the same.
Posted on 6/22/23 at 9:03 am to CE Tiger
quote:
What kind of rates you seeing?
just finished one last week with first horizon. 4.99 for first year then .49 over prime after that
Posted on 6/22/23 at 9:05 am to FishinTygah84
Got mine last year and I am at .25 over prime. Can't wait for prime to come down some hopefully since I just finished renovations and ive got a lot borrowed on it.
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