Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Home Equity Line of Credit.. best deals??
Old 11-07-2006, 12:14 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
Home Equity Line of Credit.. best deals??

All,

I am currently carrying a HELOC of $90,000.00 at 8%. Could someone on this board please give me a recommendation to find a "better" deal than 8%. I have seen many as low as 7.55% but not sure if it's worth the trouble because it could just be an introductory rate.

please advice

enuff
__________________

__________________
Enuff2Eat is offline   Reply With Quote
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!

Re: Home Equity Line of Credit.. best deals??
Old 11-07-2006, 12:36 PM   #2
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Home Equity Line of Credit.. best deals??

I saw prime - 1% with Banknorth. May have expired within the week ... not sure.
__________________

__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-07-2006, 12:48 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Home Equity Line of Credit.. best deals??

What is your CLTV? Good FICO score? If you are under 70% there are deals for prime minus 1/2% (maybe even lower).
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-07-2006, 02:55 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,951
Re: Home Equity Line of Credit.. best deals??

This can get tricky unless you look closely at APR to normalize discounts. Must also consider index, margin, frequency of adjustments and caps. Prime -1% seems to easy to find around here which is 7.0, I think. The best I've seen around here is PenFed Realty (Pentagon Federal CU) which is 5.99 APR/20yrs/ 80% CLVT/ 400k max...........I cant recall if its fixed or variable
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-07-2006, 07:43 PM   #5
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
Re: Home Equity Line of Credit.. best deals??

thanksjzazz, i will check it out

enuff
__________________
Enuff2Eat is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-07-2006, 08:23 PM   #6
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
Re: Home Equity Line of Credit.. best deals??

jazz, i checked penfed out. it's not really a better deal... 7.75% heloc.

thanks anyway.

enuff
__________________
Enuff2Eat is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-08-2006, 06:55 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: Home Equity Line of Credit.. best deals??

Quote:
Originally Posted by Enuff2Eat
jazz, i checked penfed out. it's not really a better deal... 7.75% heloc.

thanks anyway.

enuff
Are you a Schwab client? They are offering cut rates for their brokerage/bank customers.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-08-2006, 01:37 PM   #8
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
Re: Home Equity Line of Credit.. best deals??

thanks brewer, i will check it out. yes i am a member of schwab account.


enuff
__________________
Enuff2Eat is offline   Reply With Quote
Re: Home Equity Line of Credit.. best deals??
Old 11-08-2006, 08:51 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,951
Re: Home Equity Line of Credit.. best deals??

Sorry for the false alarm. I think 5.99 is the loan option, not the LOC.........still pretty good! If my CU will match that rate, I may switch over from LOC to loan.

Oh....how about DiTech?
__________________

__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Equity Is Altering Spending Habits and View of Debt Craig FIRE and Money 6 02-21-2009 01:25 PM
FDIC/NCUA insurance question (re: Pentagon Federal) magellan_nh FIRE and Money 24 01-10-2007 05:22 PM
Home equity not a retirement solution? REWahoo FIRE and Money 96 07-31-2006 11:34 AM
Advice on Home Equity Line of Credit Canadian Girl FIRE and Money 8 05-20-2006 12:14 PM
Credit Qs on PBHG's annual report (31 Mar 04) Nords FIRE and Money 1 07-28-2004 06:02 AM

 

 
All times are GMT -6. The time now is 02:14 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.