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Home Equity Line of Credit.. best deals??
11-07-2006, 11:14 AM
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#1
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Full time employment: Posting here.
Join Date: Oct 2005
Posts: 503
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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
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Re: Home Equity Line of Credit.. best deals??
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11-07-2006, 11:36 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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Re: Home Equity Line of Credit.. best deals??
I saw prime - 1% with Banknorth. May have expired within the week ... not sure.
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FIRE'd since 2005
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Re: Home Equity Line of Credit.. best deals??
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11-07-2006, 11:48 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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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).
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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Re: Home Equity Line of Credit.. best deals??
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11-07-2006, 01:55 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Aug 2004
Location: Laurel, MD
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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
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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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Re: Home Equity Line of Credit.. best deals??
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11-07-2006, 06:43 PM
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#5
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Full time employment: Posting here.
Join Date: Oct 2005
Posts: 503
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Re: Home Equity Line of Credit.. best deals??
thanksjzazz, i will check it out
enuff
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Re: Home Equity Line of Credit.. best deals??
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11-07-2006, 07:23 PM
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#6
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Full time employment: Posting here.
Join Date: Oct 2005
Posts: 503
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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
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Re: Home Equity Line of Credit.. best deals??
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11-08-2006, 05:55 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Posts: 18,085
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Re: Home Equity Line of Credit.. best deals??
 Quote:
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Originally Posted by Enuff2Eat
jazz, i checked penfed out. it's not really a better deal... 7.75% heloc.
thanks anyway.
enuff
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Are you a Schwab client? They are offering cut rates for their brokerage/bank customers.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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Re: Home Equity Line of Credit.. best deals??
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11-08-2006, 12:37 PM
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#8
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Full time employment: Posting here.
Join Date: Oct 2005
Posts: 503
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Re: Home Equity Line of Credit.. best deals??
thanks brewer, i will check it out. yes i am a member of schwab account.
enuff
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Re: Home Equity Line of Credit.. best deals??
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11-08-2006, 07:51 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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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.
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