Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Good preferred HELOC lenders
Old 01-21-2020, 07:20 AM   #1
Recycles dryer sheets
 
Join Date: May 2015
Posts: 65
Good preferred HELOC lenders

Were considering relocating to Florida to a newly built house, and are now looking into financing. Were 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 Im not sure if thats good or not. I estimate we have about 200-225k equity. Were trying to figure out the best way to finance, to avoid interest and fees.
Thanks
__________________

ttvjef 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!

Old 01-21-2020, 07:38 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 17,091
I have used pen fed in the past with no complaints. I paid fees of under a hundred bucks.
__________________

__________________
"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
Old 01-21-2020, 09:54 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,704
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.
jazz4cash is offline   Reply With Quote
Old 01-21-2020, 09:59 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 5,388
I think chase charged me $50 for my heloc? no other ongoing fees
__________________
Swing hard, look up
Big_Hitter is offline   Reply With Quote
Go Navy
Old 01-21-2020, 10:23 AM   #5
Thinks s/he gets paid by the post
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 1,438
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.
Mdlerth is online now   Reply With Quote
Old 01-21-2020, 02:16 PM   #6
Recycles dryer sheets
conversationalphrase's Avatar
 
Join Date: Jan 2017
Posts: 69
Quote:
Originally Posted by Big_Hitter View Post
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.
conversationalphrase is online now   Reply With Quote
Old 01-21-2020, 05:32 PM   #7
Recycles dryer sheets
 
Join Date: Nov 2017
Location: Green Bay
Posts: 144
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.
Splash is offline   Reply With Quote
Old 01-22-2020, 06:24 AM   #8
Recycles dryer sheets
 
Join Date: May 2015
Posts: 65
Thanks all for the thoughtful replies, just what I was looking for.
__________________

ttvjef 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
Preferred or not preferred lja0703 Stock Picking and Market Strategy 19 02-19-2015 10:52 AM
So much for "predatory lenders" armor99 FIRE Related Public Policy 37 06-13-2009 11:35 AM
Vulture Capital buying into Subprime Lenders Olav23 FIRE and Money 6 08-23-2007 08:58 PM
Evaluating preferred stocks in beaten-down sub-prime lenders MooreBonds FIRE and Money 1 02-26-2007 03:34 PM
Second Home Mortgage -- Internet Lenders?? Rich FIRE and Money 4 02-24-2005 12:50 PM

» Quick Links

 
All times are GMT -6. The time now is 04:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×