Recommendation needed - HELOCs

[DoughBallin14]

Used search feature and couldnt find any suggestion for a contact or best person or place to get a heloc.

Called my credit union and didnt seem the best so looking to shop around.

Thank you guy
Mods move thread if needed. Couldnt determine a good place to start this.

 

[Good Stuff]

@OldSchoolBoats has a program or referral resource I believe. Can’t remember if he works them or sends them out on the Heloc side.

 

[Mr. C]

Used search feature and couldnt find any suggestion for a contact or best person or place to get a heloc.

Called my credit union and didnt seem the best so looking to shop around.

Thank you guy
Mods move thread if needed. Couldnt determine a good place to start this.

What was it you didn’t like if I can ask. Rate / length / terms / fees. ?

I didn’t shop around when we did ours but kept it at our fireman’s credit union. Mainly because I have been treated very well. It was kept in house with most of my other accounts. And I talk to human person that I can understand if need be.
Also ours was done when rates were well let’s say not what they are now.
Good luck.

 

[Shady]

Try US Bank, I was able to find the local Mortgae officer on the US Bank website and the process was pretty smooth. Just closed one with them recently. Application with US Bank started after one with B of A, closed with US Bank prior to B of A making first contact after application.

 

[OldSchoolBoats]

If you have average credit I can help you get one in less than a couple weeks.

If you have great credit, go to US Bank. I did mine through them and got prime + 0.5. 30 year am with 10 year I.O. draw. Takes about 30-45 days though. We didn't need an appraisal done either.

 

[DoughBallin14]

What was it you didn’t like if I can ask. Rate / length / terms / fees. ?

I didn’t shop around when we did ours but kept it at our fireman’s credit union. Mainly because I have been treated very well. It was kept in house with most of my other accounts. And I talk to human person that I can understand if need be.
Also ours was done when rates were well let’s say not what they are now.
Good luck.

They were my first call and he even said shop around first.
So far there rate didnt have any intro rate it was 8% for 20 year, Mainly the ltv was at 70% which for me i need just a tad more so looking for someone to do about 80%.

 

[DoughBallin14]

If you have average credit I can help you get one in less than a couple weeks.

If you have great credit, go to US Bank. I did mine through them and got prime + 0.5. 30 year am with 10 year I.O. draw. Takes about 30-45 days though. We didn't need an appraisal done either.

Thanks ill pm you really quick

 

[DoughBallin14]

Thanks guys. Mainly trying to avoid just jumping on like lending tree or rocket mortgage and having 50 million shady people call me just to get me in a loan.

 

[DoughBallin14]

Looking to consolidate some cards that are ending their zero interest period, some home improvement landscape, and buying out my suv lease, which has plenty of equity in it which is why i want to buy it ha and we need it still

 

[DoughBallin14]

Alright so i have just been sent to the processor and things are rolling along quick.
Thanks you @OldSchoolBoats for the pm info. I looked into Usbank and was almost pulling the trigger with them… got to talking to my coworker and his wife mentioned that she works as a branch manager at Frontwave credit union and that they have a promo going right now.

So i reached out and they have 4.9 intro for 18months. Then prime straight if under 70% ltv and if over then its prime+.25. Max of 12%. 10 year draw and i wanna day 25year repayment. No appraiser and if open for 36 months they waive any “fees or cost”. Supposedly.

Their average funding is 12-20 days if your on top of your stuff and have all your paperwork ready.

So far super responsive and easy to work with.
I am sure i am forgetting details but if your in the socal San diego, riverside, OC regions they seem to be great so shoot em a call if you have questions, and they had way better rates and flexibility then my San diego county credit union that i have worked with for 15 years.

 

[OldSchoolBoats]

Alright so i have just been sent to the processor and things are rolling along quick.
Thanks you @OldSchoolBoats for the pm info. I looked into Usbank and was almost pulling the trigger with them… got to talking to my coworker and his wife mentioned that she works as a branch manager at Frontwave credit union and that they have a promo going right now.

So i reached out and they have 4.9 intro for 18months. Then prime straight if under 70% ltv and if over then its prime+.25. Max of 12%. 10 year draw and i wanna day 25year repayment. No appraiser and if open for 36 months they waive any “fees or cost”. Supposedly.

Their average funding is 12-20 days if your on top of your stuff and have all your paperwork ready.

So far super responsive and easy to work with.
I am sure i am forgetting details but if your in the socal San diego, riverside, OC regions they seem to be great so shoot em a call if you have questions, and they had way better rates and flexibility then my San diego county credit union that i have worked with for 15 years.

That is an awesome deal!!

 

[DoughBallin14]

That is an awesome deal!!

I was thinking the same especially in the market today. Us bank was going to be my next in line.

Full transparency they use equifax score and mine was 730 and that was plenty for them to work with. Had 250k equity in the house.
I opened 80k line and the only agreement to get what i was looking for was to let them pay off, at closing, a credit card i had about 7k on that had a 0%intro ending in December.
Which I was fine with because i was going to do that first anyways.

 

[LuauLounge]

My CU had the same deal going in 2006. I had a low balance 1st a couple of pts higher. Used it to pay that off and I keep it open for quick cash.

 

[RVRKID]

Started one with BofA in June and still not thru, slowest process ever and they say they are super backed up..

 

[DoughBallin14]

Started one with BofA in June and still not thru, slowest process ever and they say they are super backed up..

Jesus that’s definitely a problem! Hope they get that wrapped up for you. That’s usually my luck with things.

 

[LuauLounge]

These teaser rates on HELOCs may become more commonplace. As I recall, when I took mine out, 30 year interest rates were about 3% higher than the HELOC and with the HELOC, there were zero costs/fees. The only thing I saw, was the monthly payment was 1.25% of the outstanding balance, higher than a standard mortgage, but a greater percentage goes to principle. Mine was super quick, maybe a week or so.