Author Topic: Best bank for Heloc  (Read 1080 times)

Offline Mikeoracle

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Best bank for Heloc
« on: August 01, 2016, 10:11:26 AM »
Anyone have any reviews or tips for the best banks to use for a HELOC (in NJ)?
Im looking to get the line just to have it available, for potential investment opportunities. I currently bank with Santander and have my primary mortgage with Wells Fargo.

Thanks

Offline aro123

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Re: Best bank for Heloc
« Reply #1 on: August 01, 2016, 10:36:33 AM »
Penfed 5/5 heloc. Locks in the rate for 5 years without a withdrawal

Offline pear

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Re: Best bank for Heloc
« Reply #2 on: August 01, 2016, 02:16:06 PM »
B of A , deduct 1% if initial draw is 100k .

Offline mod

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Re: Best bank for Heloc
« Reply #3 on: August 01, 2016, 02:35:14 PM »
TD bank has a program

Offline outinstyle

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Re: Best bank for Heloc
« Reply #4 on: June 13, 2017, 11:40:30 AM »
Looking for an aggressive bank for a HELOC  (NYC)

 

I am looking for a more liberal bank that will supply a HELOC for someone that has a “fair” FICO (680 range), but plenty of equity in the home.

I was declined by TD due to my reported debt to income ratio being just below 50% and the cut off is 43%

 

Any suggestions?


Offline YesThatsMe

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Re: Best bank for Heloc
« Reply #5 on: February 12, 2018, 01:52:06 PM »
Looking for a good HELOC. Lakewood Property, 500K value, 300K first mortgage, excellent credit (780), low DTI. Any suggestions?

Offline mercaz1

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Re: Best bank for Heloc
« Reply #6 on: February 12, 2018, 02:52:46 PM »
the credit union banks are the best deals but might have stricter guidelines for LTV and income requirements

Offline Toasted

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Re: Best bank for Heloc
« Reply #7 on: February 12, 2018, 03:28:15 PM »
Hanscom FCU can go up to 100% LTV (at a higher rate though).

Offline Sammy82

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Re: Best bank for Heloc
« Reply #8 on: February 12, 2018, 03:31:37 PM »
On a similar note, are all helocs flexible/adjustable rates or do some luck a rate in?

Offline mercaz1

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Re: Best bank for Heloc
« Reply #9 on: February 12, 2018, 04:17:17 PM »
HELOC are variable rate
HEL are fixed

Offline aro123

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Re: Best bank for Heloc
« Reply #10 on: February 12, 2018, 05:00:38 PM »
HELOC are variable rate
HEL are fixed
penfed has a fixed rate 5/5 heloc

Offline Sammy82

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Re: Best bank for Heloc
« Reply #11 on: February 12, 2018, 05:05:20 PM »
penfed has a fixed rate 5/5 heloc
That looks good except that there is a 75% LTV limit. Is that the norm?

Offline mercaz1

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Re: Best bank for Heloc
« Reply #12 on: February 12, 2018, 05:56:19 PM »
penfed has a fixed rate 5/5 heloc

I stand corrected. I wasn't aware that they made HELOC with a fixed rate.