- 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
Home Equity LOC Rates
Posted on 10/30/18 at 4:39 pm
Posted on 10/30/18 at 4:39 pm
Anybody get a HELOC lately? Curious about best rates available. Any tips from recent experiences would be helpful. TIA.
11
Posted on 10/30/18 at 4:52 pm to Nature Boy
should be pretty close to prime (currently 5.25)
Posted on 10/30/18 at 8:08 pm to Nature Boy
Campus Federal has good rates:
5.25% 80% or less loan to value
6.00% 81% - 90% loan to value
6.75% 91% - 100% loan to value
5.25% 80% or less loan to value
6.00% 81% - 90% loan to value
6.75% 91% - 100% loan to value
Posted on 10/30/18 at 8:36 pm to Nature Boy
I just got one at 4% from my credit union last week.
Posted on 10/31/18 at 6:26 am to kywildcatfanone
quote:
I just got one at 4% from my credit union last week.
I'm assuming this is a 12 month introductory rate or something of that nature? Prime is over 5% and Heloc's are tied to prime? So anything under that would be a special short term rate?
Posted on 10/31/18 at 7:22 am to Nature Boy
EFCU Financial HELOC
Rates start at prime up to 90% LTV with no closing costs
Rates start at prime up to 90% LTV with no closing costs
Posted on 10/31/18 at 7:46 am to Nature Boy
I got 2.5% for 6 months then it will go to 5.25%. I’m hoping to have it paid down before that.
Posted on 10/31/18 at 8:48 am to baldona
quote:
I'm assuming this is a 12 month introductory rate or something of that nature? Prime is over 5% and Heloc's are tied to prime? So anything under that would be a special short term rate?
Yeah, I think that is true.
Posted on 10/31/18 at 11:03 am to baldona
Correct. If prime goes up, your rate will increase along with it. I’m rate shopping right now and the best I’ve come across is a 12 month intro at 3.79%. After that 12 month intro period, I would be anywhere from a 5.75- 6% rate assuming prime doesn’t go up again.
Posted on 11/1/18 at 4:00 pm to Nature Boy
If you look around should be able to find prime + .25 over the life of the loan
Posted on 11/1/18 at 4:39 pm to Nature Boy
Last month’s statement was right around 5%
Posted on 11/2/18 at 8:09 pm to Nature Boy
Reupped mine with Iberia at 5.25 %
Posted on 11/3/18 at 7:38 am to Nature Boy
Why would anyone get a HELOC
Posted on 11/3/18 at 8:45 am to SDVTiger
quote:
Why would anyone get a HELOC
Leverage and liquidity. Its also an emergency fund on steroids.
For $1000 you can leverage hundreds of thousands of dollars for 10 years and only required to pay interest on money used. On 30 day hard money loans alone you can make thousands. If you need to make a move on property or other asset fast with competition the ability to have funds readily available is paramount. Cash always wins.
Posted on 11/3/18 at 10:09 am to ItNeverRains
quote:
Leverage and liquidity. Its also an emergency fund on steroids.
Lol until the bank freezes your line then reduces it. Cap rate of 22%
If cash is king then refi to 90% or 100 if VA cash out on your first and pay a 6% rate.
Posted on 11/3/18 at 11:57 am to SDVTiger
quote:
If cash is king then refi to 90% or 100 if VA cash out on your first and pay a 6% rate.
you can always do that after you draw on the LOC
a LOC is good business...I have a big one for my company and a smaller one for my house. If I need to move quickly to cash for either good or bad reasons I have that piece of mind
Posted on 11/3/18 at 12:24 pm to SDVTiger
quote:
Lol until the bank freezes your line then reduces it. Cap rate of 22%
If cash is king then refi to 90% or 100 if VA cash out on your first and pay a 6% rate.
Lol. That hasn’t happened to me in 15 years, nor anyone I’ve ever known. If I qualified I’d go VA in a heartbeat
Posted on 11/3/18 at 12:27 pm to cgrand
quote:
you can always do that after you draw on the LOC
a LOC is good business
People get a LOC so they dont touch their amazing 30yr fix rate but then do exactly what you said and end up amortizing all over again with a 30yr fix
. It's good business until they freeze and re reduce it quote:
.I have a big one for my company and a smaller one for my house. If I need to move quickly to cash for either good or bad reasons I have that piece of mind
I'm only talking about HELOCs tied to property
But couldn't you cash out your equity to 90% (like everyone should) put it in a bank and do the samething without being tied to prime rate?
Posted on 11/3/18 at 6:36 pm to SDVTiger
depends on how disciplined an investor you are.
for many people that’s a bad plan
for many people that’s a bad plan
Posted on 11/3/18 at 8:54 pm to Nature Boy
HELOC is awesome when rates are low, not so good when high. HELOC is simple interest. MTG is front loaded interest. You can pay down a HELOC and control your loan interest or pay interest only. On a regular MTG, you must pay amount due, no flexibility. Again, great with low rates, not so good with high rates.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News