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Message
Looking to get Home Improvement Loan
Posted on 8/23/26 at 3:11 pm
Posted on 8/23/26 at 3:11 pm
What is my best option of maybe Line of Credit or Home Equity? Looking for maybe $50k. Any recommendations on type of loan and companies that I should look at that have low rates/terms? Home is not paid off but have good equity in it.
3
Posted on 8/23/26 at 3:53 pm to Amblin
If you have adequate investments in taxable brokerage a SBLOC, Securities Backed Line of Credit. I've found terms were better and may not even have to make payments if so desired. Just got to be conservative and not borrow so much you have to worry about a maintenance call on your investments.
Posted on 8/23/26 at 6:19 pm to Amblin
I've done 3 HELOCs with Regions.
Credit unions should be equally good if you have a good relationship with one that specializes in lending (credit unions typically specialize in saving or lending. Rarely do I see one excellent at both).
Im finishing up the 3rd HELOC right now for about $316k.
Credit unions should be equally good if you have a good relationship with one that specializes in lending (credit unions typically specialize in saving or lending. Rarely do I see one excellent at both).
Im finishing up the 3rd HELOC right now for about $316k.
Posted on 8/23/26 at 6:39 pm to meansonny
What rate you get w Regions? They're advertised rate is "3.99% introductory annual percentage rate (APR) for the first six billing cycles from account opening. After that, a variable rate applies. Currently, post introductory rates range from 7.50% to 14.375% APR"
Posted on 8/23/26 at 9:11 pm to meansonny
quote:
I've done 3 HELOCs
quote:
finishing up the 3rd HELOC right now for about $316k.
Jeezus Christ! Do you own multiple properties that you're doing these for? I'm not very familiar with HELOCs but even just one for that amount seems like you added a west wing to the dwelling, haha.
Posted on 8/24/26 at 5:35 pm to TorchtheFlyingTiger
I dont pay attention to intro offers.
APY is 7% (prime, I think).
Caps loan to value at 80%.
I had to open a checking account (which will allow me to transfer funds from HELOC to checking without any withdrawal fees).
APY is 7% (prime, I think).
Caps loan to value at 80%.
I had to open a checking account (which will allow me to transfer funds from HELOC to checking without any withdrawal fees).
Posted on 8/24/26 at 5:38 pm to Snoopy04
quote:
Jeezus Christ! Do you own multiple properties that you're doing these for?
The draw is 10 years.
After that, there is a 10 year paydown on the balance.
I have been in my home 20 years.
I want a HELOC, so I take a new one out at the expiration of the draw (thus I just applied for my 3rd with regions).
We have never drawn the funds before.
But the intent this time is to use the funds for a home addition, swimming pool, and fence.
Posted on 8/24/26 at 5:39 pm to TorchtheFlyingTiger
quote:
Currently, post introductory rates range from 7.50% to 14.375% APR"
Rate deductions for the size of the draw.
$100k has a reduction.
$250k has a larger reduction.
Opening the checking account has an additional reduction.
That puts us at 7% with today's rates.
Posted on 8/24/26 at 9:34 pm to Amblin
Heloc with credit union
BOFA had a 5.25% for the first 6mnths a while back so deals are out there
BOFA had a 5.25% for the first 6mnths a while back so deals are out there
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