Author Topic: Best bank for Heloc  (Read 13758 times)

Offline ExGingi

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Re: Best bank for Heloc
« Reply #80 on: July 11, 2024, 04:56:25 PM »
Redfin: 635k
Realtor: 613k
Chase: 619k

Citizens: 630k

I called to ask. Up to 300k (line size) they do an automated appraisal with a drive by. At 400k they get a BPO. At 500k and above they do a full appraisal.
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Offline sruly101

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Re: Best bank for Heloc
« Reply #81 on: July 11, 2024, 05:00:26 PM »
I’m looking at 400K

I did get from them the appraised value which is very low. Which maximizes the loans amount to the value. Is this maybe the reason for the increased Apr?

Offline ExGingi

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Re: Best bank for Heloc
« Reply #82 on: July 11, 2024, 06:25:06 PM »
I’m looking at 400K

I did get from them the appraised value which is very low. Which maximizes the loans amount to the value. Is this maybe the reason for the increased Apr?

9.9% - 0.25% for auto-pay (not sure if that requires Citizen's checking account, but I'm pretty sure the discount is available) is 9.65% which seems to be their current best BASE RATE. It is PRIME + 1.4%.

For me personally, the size of the line that would be available based on my set of circumstances, is the most important part, even if it costs a little more.

Also, moral of the story is that it's ALWAYS better to do your homework and ask for Terms, Conditions, Underwriting, etc. so that you can properly choose where to apply. (similar to applying for Life Insurance for anyone that isn't an automatic best class and would easily qualify for amount being applied for).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Best bank for Heloc
« Reply #83 on: July 11, 2024, 06:42:53 PM »
For reference, this is TD Bank's best rate (notice the 0.25% discount for TD Checking account):



PNC is at 9.84% (with the 0.25% discount), with a bunch of fees (and possibly a mortgage tax):

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Offline ExGingi

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Re: Best bank for Heloc
« Reply #84 on: July 11, 2024, 06:47:09 PM »
If you fit within Third Federal's guidelines, they seem to still be on the Prime -0.51% wagon:

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Offline ExGingi

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Re: Best bank for Heloc
« Reply #85 on: July 11, 2024, 06:50:50 PM »
If low promo rates is your thing, then:



or

BMO (it's not on this screenshot, but I believe they offer 6 months at 6.99%). IINM they offer larger lines than Northfield. IDK about underwriting for either of them.



Found disclosures for BMO:

Variable annual percentage rate (APR) as low as 8.75%
Includes the following discounts:
Auto Pay from eligible checking account 0.25%

Loan to value (LTV) 70% or less

BMO will pay closing costs for loans secured by an owner-occupied 1 to 4 family residence. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees in AL, AR, CT, FL, KS, HI, ID, MN, MS, NJ, NM, OK, PA, TN and DC.

The variable introductory rate offer is available on new applications received from 6/1/2024 through 7/31/2024. The introductory rate is variable during the introductory period. No customer or other discounts are available during the variable rate introductory period. The 6-month introductory rate of 6.99% APR will change with Prime and is calculated by subtracting 1.51% from the then-current Prime Rate on a line of credit. The introductory rate is prime minus 1.51% (6.99% APR) for 6 months. The 12-month introductory rate of 7.24% APR will change with Prime and is calculated by subtracting 1.26% from the then-current Prime Rate on a line of credit. The 12-month introductory is prime minus 1.26% (7.24% APR) for 12 months. Rates are for illustrative purposes only and are subject to change without notice.

Variable Rate Information After Introductory
For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate (8.5% on 5/2/2024) plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, loan to value ratio and other criteria. Rates shown are for first lien lines of credit of $100,000 secured by an owner occupied 1 to 4 family residence, in Illinois, with a loan-to-value (LTV) of 70% or less, and a FICO credit score of 780+, and includes a 0.25% Auto Pay discount. Rates vary from 8.50% APR to 14.12% APR depending on property state, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a 0.25% Auto Pay rate discount you must authorize BMO at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay). The discount can only be applied to a new Home Equity Line of Credit.
« Last Edit: July 11, 2024, 07:01:59 PM by ExGingi »
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Offline ExGingi

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Re: Best bank for Heloc
« Reply #86 on: July 11, 2024, 06:55:02 PM »
This might be interesting for some people (only loans, not HELOC):

https://www.quontic.com/mortgages/non-traditional-loans/lite-doc/
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Offline sruly101

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Re: Best bank for Heloc
« Reply #87 on: July 12, 2024, 06:00:06 PM »
Just got some more clarity from Citizen

Upto 80 LTV is 0.9 above prime which is 9.40
Upto 85 LTV is 1.4 above prime which is 9.90

This includes already all discounts possible

And $0 cost or fees

Which sounds good from all others you mentioned here

Offline av83

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Re: Best bank for Heloc
« Reply #88 on: August 11, 2024, 06:27:05 PM »
Anyone know anything about LakelandProvident bank for HELOC's they seem to be have very good rates..

Offline ExGingi

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Re: Best bank for Heloc
« Reply #89 on: August 11, 2024, 06:33:20 PM »
Anyone know anything about LakelandProvident bank for HELOC's they seem to be have very good rates..

Looks like rate is Prime.
https://www.provident.bank/personal-services/home-loans/home-equity-loan-rates

As I pointed out above, the rate is only part of the story. Limits, and underwriting methods are another part.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan