Finding a HELOC winner?

[Goat]

Hello - I'm a newbie and hoping for some help with finding HELOC lenders.



I've read quite a bit about terms and various gotchas, but I'm having a lot of difficulty finding a bank / agent that doesn't have a bottomless well of "beware!" type reviews.



... Problem is every one of them seems to have these ... or they strangely have only five star reviews that are short and glowing ... and totally not suspicious at all (sarc).


I would be most appreciative of any recommendations anyone might care to share.

 

[mpeirce]

When we got a HELOC (to manage cash flow during a renovation project), I made the rounds of a number of local banks I had dealt with in the past. Definitely start with institutions you've done business with before.

They all had slightly different criteria. I especially wanted to know how they'd handle us being "retired" with no "income".

Ultimately we found one that had no problem looking at our last couple of years taxes and and they offered very good rates.

Good luck.

 

[Peter]

I'm currently going through the process, but so far I've found a local credit union to be much easier to deal with than traditional banks.

 

[GravitySucks]

I'm in the middle of getting a HELOC from my Credit Union. No fees, no required insurance, rate is Prime -1/2.

 

[Jerry1]

Another who went with the credit union. We’ve done business with them for over 30 years. We trust them. And, the process was easy.

 

[davebarnes]

Credit union.

 

[Marita40]

I got one with Alliant this fall, right before I retire. Super easy process and no fees at all.

 

[jazz4cash]

Third Federal Savings and Loan

 

[Montecfo]

Third Federal Savings and Loan

I just relocked my ARM there.

The HELOC looked attractive also but I will look elsewhere since I prefer to have that at a 2nd institution.

 

[HawkeyeNFO]

Maryland State Employees CU set me up with a nice 2.49% rate for the first year. No fees.

 

[Go-NoGo]

I got one with Alliant this fall, right before I retire. Super easy process and no fees at all.

+1 on Alliant HELOC.
I too got one from Alliant just before retiring, no fees whatsoever and they made the whole process very easy.

 

[cyber888]

Third Federal .. Prime -1.01% (2.24%), 0 closing.

 

[Ed_The_Gypsy]

Thanks, I have suddenly awakened an interest myself.

Hello - I'm a newbie and hoping for some help with finding HELOC lenders.



I've read quite a bit about terms and various gotchas, but I'm having a lot of difficulty finding a bank / agent that doesn't have a bottomless well of "beware!" type reviews.



... Problem is every one of them seems to have these ... or they strangely have only five star reviews that are short and glowing ... and totally not suspicious at all (sarc).


I would be most appreciative of any recommendations anyone might care to share.

 

[Starsky]

I had no luck at my bank with a HELOC earlier in the year. Someone I asked about it, told me they had used Quicken loans and it was great. I imagine they have different asset requirements than a regular bank and may be more willing to lend. The other idea is to ask local real estate agents you know if they can recommend a good [non-bank] independent mortgage broker. I spoke with one recently who didn't have a lot of the same reservations as my local bank.

 

[OldShooter]

I may need a couple of hundred $K for a real estate deal in the next year or so, so I just went to USBank where I already had a 30 year business and personal relationship and, actually, a open $250K HELOC with nothing drawn in years. IIRC is was one over prime.

They are doing a new one for me at no cost, at a better but not a fantastic rate: 20bps under prime. Their underwriting didn't seem concerned about no job, just asked for IRA 1099s and proof of investment account balances. Appraiser was here today.

If this wasn't a temporary thing I would shop the rate harder but for a year or two and zero fees I'm satisfied.

 

[jazz4cash]

One post wonder.