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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.
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
Posted on 8/25/26 at 7:11 am to meansonny
quote:So what did you mean you're finishing up your 3rd one for 316k?
We have never drawn the funds before.
Posted on 8/25/26 at 7:17 am to The Mick
First one was $35k for 10 years.
Second one was $50k and is expiring.
So we have applied for a new one (our first mortgage is paid off) and I basically asked for the highest draw amount I could do before the interest rate creeped upward.
HELOC has basically been an "emergency fund" in the past that we havent needed (thankfully).
We have contacted a contractor and are in talks with a draft planner on an addition to the back of the home. So we will be spending some of the HELOC this time.
Second one was $50k and is expiring.
So we have applied for a new one (our first mortgage is paid off) and I basically asked for the highest draw amount I could do before the interest rate creeped upward.
HELOC has basically been an "emergency fund" in the past that we havent needed (thankfully).
We have contacted a contractor and are in talks with a draft planner on an addition to the back of the home. So we will be spending some of the HELOC this time.
Posted on 8/25/26 at 11:08 am to meansonny
Posted on 8/26/26 at 7:25 am to The Mick
So withHELOC you can get the amount and just is there if you need to use it but you don't play any fees with it just sitting out there not used?
Also when you are ready to use it, do you just withdraw and put in your checking account and the loan part automatically kicks in or do you have to do something at bank when you are ready to withdraw and use funds?
Also when you are ready to use it, do you just withdraw and put in your checking account and the loan part automatically kicks in or do you have to do something at bank when you are ready to withdraw and use funds?
Posted on 8/26/26 at 7:37 am to Amblin
This is why I like Regions.
Free loan process. No fees.
Most are this way, but not all.
I get a credit card.
And I have a checking account.
I can transfer available funds to the checking account with no fees.
Or just spend the credit card.
And the debt is revolving (not installment like a typical mortgage). It is basically a credit card that can foreclose on my home.
I dont pay attention to teaser rates. My new HELOC is 7% (tied to prime rate).
Free loan process. No fees.
Most are this way, but not all.
I get a credit card.
And I have a checking account.
I can transfer available funds to the checking account with no fees.
Or just spend the credit card.
And the debt is revolving (not installment like a typical mortgage). It is basically a credit card that can foreclose on my home.
I dont pay attention to teaser rates. My new HELOC is 7% (tied to prime rate).
This post was edited on 8/26/26 at 7:38 am
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