|
Good preferred HELOC lenders
01-21-2020, 06:20 AM
|
#1
|
Recycles dryer sheets
Join Date: May 2015
Posts: 66
|
Good preferred HELOC lenders
We’re considering relocating to Florida to a newly built house, and are now looking into financing. We’re thinking of pulling about 200k from our portfolio then get a HELOC to pay off the balance for the newly built house, then sell our current home and pay off the HELOC.
Are there any good preferred HELOC lenders that you have experience with?
I was under the impression that the fees for the HELOC are quite low. I contacted my local credit union that I use for my regular banking they said the fees would be around $800 - $1000 range. Since they are the only ones I contacted I’m not sure if that’s good or not. I estimate we have about 200-225k equity. We’re trying to figure out the best way to finance, to avoid interest and fees.
Thanks
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
01-21-2020, 06:38 AM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
I have used pen fed in the past with no complaints. I paid fees of under a hundred bucks.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
01-21-2020, 08:54 AM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
|
You could take a look at Third Federal S&L. They are based in Cleveland but have a branch in FL I think and they lend all over. Our HELOC with them was low cost, smooth, easy, and all done online.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
01-21-2020, 08:59 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
I think chase charged me $50 for my heloc? no other ongoing fees
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
01-21-2020, 09:23 AM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
|
Go Navy
We took out a HELOC from Navy Federal Credit Union about 14 years ago. No fees at all. Don't know if that's still the case.
__________________
Paying it forward is the best investment.
|
|
|
01-21-2020, 01:16 PM
|
#6
|
Recycles dryer sheets
Join Date: Jan 2017
Posts: 264
|
Quote:
Originally Posted by Big_Hitter
I think chase charged me $50 for my heloc? no other ongoing fees
|
+1, also very good customer service throughout the process, quick closing and competitive rates, considering included discounts.
|
|
|
01-21-2020, 04:32 PM
|
#7
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Green Bay
Posts: 226
|
I am finalizing a HELOC now with a mid-west regional bank. There are no initial fees. However, after 1 year there is a $50 annual maintenance fee. Interest rate is prime.
I was worried about securing a HELOC as DH & I have been retired for 3 years and are not drawing social security or pensions. I did not have a problem as they deemed the HELOC was less than 80% of our equity in the secured property and that we could access sufficient assets if necessary to repay the HELOC.
|
|
|
01-22-2020, 05:24 AM
|
#8
|
Recycles dryer sheets
Join Date: May 2015
Posts: 66
|
Thanks all for the thoughtful replies, just what I was looking for.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|