home equity loans

[shmiel1429]

Any suggestions where I can get a home equity line of credit on my primary residence

[notanonymous]

Any suggestions where I can get a home equity line of credit on my primary residence

Check the credit unions in your area.

[shmiel1429]

Credit union is a lender?

[cholent]

Credit union is a lender?

Yes. Your local banks would be another good place to look

[shoshannahh]

a mortgage broker might be able to help you as well

[shmiel1429]

any suggestions

[alpicone]

Depending on how much you are looking to borrow, both TD Bank and PNC allow up to 89.99% LTV. Most other lenders cap out at 80-85% LTV.

If you are looking for less, pretty much any bank can do it. The process is fairly simple and the HELOC can be done with 2 weeks.

[shmiel1429]

I spoke to Chase and the want 5% that seems quite high I always though it goes for like 3 4%

[coralsnake]

I spoke to Chase and the want 5% that seems quite high I always though it goes for like 3 4%

Check Bankrate to get an idea of what's out there. Not 100% accurate but good to get an idea.
Make sure to check the "home equity line of credit" tab (home equity loan is a closed-end loan- no draw period. Get all the cash at closing. Translation-a second mortgage)

http://www.bankrate.com/funnel/home-equity/

[Mutty]

If you live near a Santander Bank their rate currently is about 1/4 percent below prime, currently 2.99. The below prime rate is for the life of the loan. I have one with them for 2.something from their last deal which ended after a year so I'm looking into switching to this one.

[Mutty]

I should say Santander in Brooklyn. Have no idea if different places have different deals.

[seochallis]

A line of credit extended to a homeowner that uses the borrower's home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion.





Construction Finance