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Good preferred HELOC lenders
Old 01-21-2020, 07:20 AM   #1
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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.

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Old 01-21-2020, 07:38 AM   #2
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I have used pen fed in the past with no complaints. I paid fees of under a hundred bucks.

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Old 01-21-2020, 09:54 AM   #3
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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.
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Old 01-21-2020, 09:59 AM   #4
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I think chase charged me $50 for my heloc? no other ongoing fees
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Old 01-21-2020, 10:23 AM   #5
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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.
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Old 01-21-2020, 02:16 PM   #6
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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.
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Old 01-21-2020, 05:32 PM   #7
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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.
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Old 01-22-2020, 06:24 AM   #8
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Thanks all for the thoughtful replies, just what I was looking for.

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