Looking into a HELOC for a home project. Any tips?

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May 28, 2020
9:06:55am

ballen All-American

Are rates now good compared to historical rates?
Is there a bank that you recommend?

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ballen

Bio page: ballen
Joined: Mar 7, 2011
Last login: May 7, 2024
Total posts: 16,264 (147 FO)

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Messages

Author

Time

Looking into a HELOC for a home project. Any tips?

ballen

5/28/20 9:06am

My big concern with heloc is almost all are variable rates

cougarfann888

5/28/20 9:16am

Rates will be low for a long time post-Covid. The shutdowns ensured that. If you're worried about it, most HELOCs offer

Pimpin4Paradise

5/28/20 9:20am

Is there another/better alternative?

ballen

5/28/20 9:23am

Better maybe not. Just something to factor In. In some instances a cash out

cougarfann888

5/28/20 9:30am

Cash out refis are very high right now compared to rate and term. If you

johnnybyu

5/28/20 9:51am

Bank of Utah has a no cost HELOC I believe. might be wrong, but theirs is cheap

RealSimsShadY

5/28/20 9:34am

Golden west credit union. Credit unions in general will have the lowest rates.

VenturaCoug

5/28/20 9:43am

I really like KeyBank's product. But there are many banks/CUs with a similar loan.

mulletino

5/28/20 10:28am

Keybank is nice if you're wanting to go higher than the standard 80-85% LTV range. I did my last HELOC

Pimpin4Paradise

5/28/20 10:40am

I just got one at 85% and prime + .1%. So currently 3.35%. Not bad. No fees.

mulletino

5/28/20 10:46am

You're correct, this is a good deal. I should have clarified that I meant the rates are higher if you go with their

Pimpin4Paradise

5/28/20 10:51am

yeah, I've seen them do a 2nd/3rd mortgage combo where the 2nd mortgage is at a decent rate and the 3rd mortgage up to

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