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Suggestions on HELOC
Posted on 6/7/17 at 12:54 pm
Posted on 6/7/17 at 12:54 pm
Looking into getting a HELOC for remodeling around the house. Any suggestions on where I should look? Have no experience with this. Are the only initial costs typically an appraisal fee? House should appraise for around $450k, $225k left on loan.
4
Posted on 6/7/17 at 1:43 pm to LSUlove
Who do you bank with?
Chase, Capital One, etc. do HELOCS.
I had one with Capital One but they were an absolute pain to deal with. I wound up refinancing and paid those suckers off. Not again..
Your mortgage company may also be an option.
Chase, Capital One, etc. do HELOCS.
I had one with Capital One but they were an absolute pain to deal with. I wound up refinancing and paid those suckers off. Not again..
Your mortgage company may also be an option.
Posted on 6/7/17 at 2:15 pm to ItzMe1972
We had to do a HELOC on our last house before we sold it. We went through Iberia. They had the best rates and no closing costs.
Posted on 6/7/17 at 2:23 pm to LSUlove
Whitney bank no closing cost no appraisal fee.
Posted on 6/7/17 at 2:29 pm to hawkeye007
quote:
Whitney bank no closing cost no appraisal fee.
Bingo. That is who I use.
Posted on 6/7/17 at 2:37 pm to LSUlove
Check with EFCU. No closing costs, appraisal fee refunded after loan closing, 4% interest rate, interests only payments for first 10 years.
Posted on 6/7/17 at 2:45 pm to Janky
Thanks! Personal banking done with Cap One. Business banking both Cap One and Iberia. Will check out Whitney. I wasn't sure if there was another option that might have been better than local brick and mortar. Like PenFed? Thanks for the help!
Posted on 6/7/17 at 2:46 pm to bubbz
Thanks, will check them out.
Posted on 6/7/17 at 4:02 pm to LSUlove
Have you talked to Iberia yet? I know they have a HELOC product. Not sure about the fees though.
Posted on 6/7/17 at 7:08 pm to HouDatRebel
quote:
Iberia
Did a HELOC a few months ago to buy some commercial property. Origination fee was around $500. I believe that's all I paid. 1.99 for six months. I would have to look up the rate after that but it was the best I found shopping around.
Posted on 6/7/17 at 9:02 pm to liuyaming
Iberia will go to 4.75% after 6 months. I happened to hear the commercial the other day.
Posted on 6/7/17 at 10:02 pm to bubbz
Sounds about right but couldn't remember exactly. 
Setup an LLC to own the commercial property and the operating agreement covers the payback to my HELOC, including interest. That's all that matters and it happens automatically.
On another note, the process was very easy. Submitted the application and approved within 24 hours. They asked for a few more documents, then set a "closing" (was just a handful of signatures and at their branch office) for around the closing date for the commercial building. Called and picked up a cashier's check.
Setup an LLC to own the commercial property and the operating agreement covers the payback to my HELOC, including interest. That's all that matters and it happens automatically.
On another note, the process was very easy. Submitted the application and approved within 24 hours. They asked for a few more documents, then set a "closing" (was just a handful of signatures and at their branch office) for around the closing date for the commercial building. Called and picked up a cashier's check.
Posted on 6/8/17 at 10:50 am to LSUlove
I'd try my local bank and negotiate to another banks terms. Unless you know you'll pay it off quickly, I'd defer from the discount upfront rates and get something better over the long haul
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