Author Topic: Best bank for Heloc (Read 14573 times)

Mikeoracle · « **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

aro123 · « **Reply #1 on:** August 01, 2016, 10:36:33 AM »

Penfed 5/5 heloc. Locks in the rate for 5 years without a withdrawal

pear · « **Reply #2 on:** August 01, 2016, 02:16:06 PM »

B of A , deduct 1% if initial draw is 100k .

mod · « **Reply #3 on:** August 01, 2016, 02:35:14 PM »

TD bank has a program

outinstyle · « **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?

YesThatsMe · « **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?

mercaz1 · « **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

Toasted · « **Reply #7 on:** February 12, 2018, 03:28:15 PM »

Hanscom FCU can go up to 100% LTV (at a higher rate though).

Sammy82 · « **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?

mercaz1 · « **Reply #9 on:** February 12, 2018, 04:17:17 PM »

HELOC are variable rate
HEL are fixed

aro123 · « **Reply #10 on:** February 12, 2018, 05:00:38 PM »

Quote from: mercaz1 on February 12, 2018, 04:17:17 PM

HELOC are variable rate
HEL are fixed

penfed has a fixed rate 5/5 heloc

Sammy82 · « **Reply #11 on:** February 12, 2018, 05:05:20 PM »

Quote from: aro123 on February 12, 2018, 05:00:38 PM

penfed has a fixed rate 5/5 heloc

That looks good except that there is a 75% LTV limit. Is that the norm?

mercaz1 · « **Reply #12 on:** February 12, 2018, 05:56:19 PM »

Quote from: aro123 on February 12, 2018, 05:00:38 PM

penfed has a fixed rate 5/5 heloc

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

ushdadude · « **Reply #13 on:** March 22, 2022, 04:19:34 PM »

What's the latest in terms of HELOCs? Looking for one in NY. Can be below 80% LTV

randomjay · « **Reply #14 on:** March 22, 2022, 08:44:40 PM »

Have witnessed a few people that got very smooth transaction with Citizens bank. Apply online, not too much paperwork etc.

ExGingi · « **Reply #15 on:** March 22, 2022, 08:48:17 PM »

Quote from: randomjay on March 22, 2022, 08:44:40 PM

Have witnessed a few people that got very smooth transaction with Citizens bank. Apply online, not too much paperwork etc.

I am constantly getting mailers from Citizens offering HELOC at prime -0.50

CountValentine · « **Reply #16 on:** March 22, 2022, 09:13:41 PM »

Citizens

Obtaining the best rate also requires the following criteria to be met:
1) A new home equity line of credit application,
2) A line amount of $200,000 or more,
3) Line must be in first lien position,
4) Having a Citizens Bank consumer checking account, set up with automatic monthly payment deduction at the time of origination,
5) A loan-to-value (LTV) of 80% or less (85% or less in Michigan), and
6) Strong creditworthiness.

Maximum APR 21%. Minimum APR 2.50%.

ExGingi · « **Reply #17 on:** March 22, 2022, 09:25:59 PM »

Quote from: CountValentine on March 22, 2022, 09:13:41 PM

Citizens

Obtaining the best rate also requires the following criteria to be met:
1) A new home equity line of credit application,
2) A line amount of $200,000 or more,
3) Line must be in first lien position,
4) Having a Citizens Bank consumer checking account, set up with automatic monthly payment deduction at the time of origination,
5) A loan-to-value (LTV) of 80% or less (85% or less in Michigan), and
6) Strong creditworthiness.

Maximum APR 21%. Minimum APR 2.50%.

I wonder if I missed #3, or if there are different offers.

IMHO it's worthwhile to pay a mortgage broker a fee to get the best deal. Unlike mortgages, I believe there's no wholesale rate for HELOCs where the broker can mark it up or get compensated otherwise from the bank. So to get the broker to work for you it's worthwhile to pay. Unless you fit ALL of the criteria posted by The Count.

CountValentine · « **Reply #18 on:** March 22, 2022, 09:28:56 PM »

Quote from: ExGingi on March 22, 2022, 09:25:59 PM

I wonder if I missed #3, or if there are different offers.

Most likely different offers.

ushdadude · « **Reply #19 on:** March 23, 2022, 08:27:10 AM »

Quote from: CountValentine on March 22, 2022, 09:13:41 PM

Citizens

Obtaining the best rate also requires the following criteria to be met:
1) A new home equity line of credit application,
2) A line amount of $200,000 or more,
3) Line must be in first lien position,
4) Having a Citizens Bank consumer checking account, set up with automatic monthly payment deduction at the time of origination,
5) A loan-to-value (LTV) of 80% or less (85% or less in Michigan), and
6) Strong creditworthiness.

Maximum APR 21%. Minimum APR 2.50%.

2) I don't need that much but I guess I can have that line and just not use all of it.

3) still have mortgage

I'll look into it though. Thanks