Home Equity Line of Credit.. best deals??

Enuff2Eat · 11-07-2006, 12:14 PM

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

tryan · 11-07-2006, 12:36 PM

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

brewer12345 · 11-07-2006, 12:48 PM

What is your CLTV? Good FICO score? If you are under 70% there are deals for prime minus 1/2% (maybe even lower).

jazz4cash · 11-07-2006, 02:55 PM

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

Enuff2Eat · 11-07-2006, 07:43 PM

thanksjzazz, i will check it out

enuff

Enuff2Eat · 11-07-2006, 08:23 PM

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

thanks anyway.

enuff

brewer12345 · 11-08-2006, 06:55 AM

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.

Enuff2Eat · 11-08-2006, 01:37 PM

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

enuff

jazz4cash · 11-08-2006, 08:51 PM

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?

11-07-2006, 12:14 PM	#1
Enuff2Eat Recycles dryer sheets Join Date: Oct 2005 Posts: 301	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

11-07-2006, 12:36 PM	#2
tryan Thinks s/he gets paid by the post Join Date: Mar 2005 Posts: 1,454	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

11-07-2006, 12:48 PM	#3
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,226	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). __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

11-07-2006, 02:55 PM	#4
jazz4cash Thinks s/he gets paid by the post Join Date: Aug 2004 Location: Laurel, MD Posts: 1,060	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

11-07-2006, 07:43 PM	#5
Enuff2Eat Recycles dryer sheets Join Date: Oct 2005 Posts: 301	Re: Home Equity Line of Credit.. best deals?? thanksjzazz, i will check it out enuff

11-07-2006, 08:23 PM	#6
Enuff2Eat Recycles dryer sheets Join Date: Oct 2005 Posts: 301	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

11-08-2006, 01:37 PM	#8
Enuff2Eat Recycles dryer sheets Join Date: Oct 2005 Posts: 301	Re: Home Equity Line of Credit.. best deals?? thanks brewer, i will check it out. yes i am a member of schwab account. enuff

11-08-2006, 08:51 PM	#9
jazz4cash Thinks s/he gets paid by the post Join Date: Aug 2004 Location: Laurel, MD Posts: 1,060	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?

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