Best bank for Heloc

[LNS]

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.

+1

[whacked1]

Depending where you live, visions federal credit has worked well for me. Current promo; no closing costs, 0% for first 6 months, after that .25 under prime, 100% ltv

[ExGingi]

Depending where you live, visions federal credit has worked well for me. Current promo; no closing costs, 0% for first 6 months, after that .25 under prime, 100% ltv

Obviously check with your LOR regarding credit unions.

[whacked1]

Obviously

[jye]

Obviously check with your LOR regarding credit unions.

https://forums.dansdeals.com/index.php?topic=99693.0

[yr]

https://forums.dansdeals.com/index.php?topic=99693.0

The main argument about credit unions is that every member has one share regardless, so you can't apply the same logic you apply to shareholder of s stock company, that their ownership is kind of meaningless.

What I found ironic was that when this came out, a bunch of members got together and tried to get   one of the popular  CUs to start using a heter iska (I think it was atlantic), and they refused, so much for their ownership.

Regardless,  there are many opinions on this and there was even a subsequent kol Korea, walking back the severity somewhat, from R Shlomo Miller.

[gozalim]

Obviously check with your LOR regarding credit unions.

have you been able to get any direction at all from any of our LOR?

[jye]

The main argument about credit unions is that every member has one share regardless, so you can't apply the same logic you apply to shareholder of s stock company, that their ownership is kind of meaningless.

What I found ironic was that when this came out, a bunch of members got together and tried to get   one of the popular  CUs to start using a heter iska (I think it was atlantic), and they refused, so much for their ownership.

Regardless,  there are many opinions on this and there was even a subsequent kol Korea, walking back the severity somewhat, from R Shlomo Miller.

From what I understand the consensus was pretty clear to avoid due to possibility of dioraysah and most of the discussion was those that already had loans and would incur losses to extract themselves. Am I misunderstanding what was said?

[ExGingi]

have you been able to get any direction at all from any of our LOR?

I didn't even try. What for? To save or gain a few dollars using something that even has a חשש ריבית? Thanks, but no thanks.

[yr]

From what I understand the consensus was pretty clear to avoid due to possibility of dioraysah and most of the discussion was those that already had loans and would incur losses to extract themselves. Am I misunderstanding what was said?

If by the consensus you mean the lakewood kol Koreis, you're right.

[yr]

I didn't even try. What for? To save or gain a few dollars using something that even has a חשש ריבית? Thanks, but no thanks.

Fair. Although the product mentioned above, Visions Credit union, is a 100% ltv product, up to $250,000, with a rate better than most standard 80% LTV helocs, prime +zero.

Even if you put down 20% it takes quite some time to build enough equity to pull any meaningful money out with a standard heloc. A 100% LTV heloc is a game changer, if it's mutter.

[ExGingi]

Fair. Although the product mentioned above, Visions Credit union, is a 100% ltv product, up to $250,000, with a rate better than most standard 80% LTV helocs, prime +zero.

Even if you put down 20% it takes quite some time to build enough equity to pull any meaningful money out with a standard heloc. A 100% LTV heloc is a game changer, if it's mutter.

Agreed. I have seen several very attractive offers from Credit Unions. Nothing attractive enough for me to touch on a חשש ריבית (based on most opinions, as far as I can tell). If's they'd be offering me a $100,000,000 SUB I would decline it too.

[CountValentine]

One vote per member should be a non-issue. Their votes are meaningless as @ExGingi would say.

[ExGingi]

One vote per member should be a non-issue. Their votes are meaningless as @ExGingi would say.

I never knew that CUs have some kind of an electoral college.

I guess based on your logic of one vote per member being a non-issue, you wouldn't have a problem if your daughter would come to you when she was a young teenager and break the news that she's only a little bit pregnant.

[CountValentine]

I guess based on your logic...

It was your logic. 

[ExGingi]

It was your logic. 

You got it wrong. My election logic is based on the electoral college.

[CountValentine]

You got it wrong. My election logic is based on the electoral college.

I thought your point was your vote won't change the outcome.

[ExGingi]

I thought your point was your vote won't change the outcome.

Because of the electoral college system. If I were to cast a vote in a swing state, I would definitely vote in a general election. I encourage family members in FL and PA to vote.

[CountValentine]

Because of the electoral college system. If I were to cast a vote in a swing state, I would definitely vote in a general election. I encourage family members in FL and PA to vote.

So if say for senator in he/she was a shoe in then all votes would matter because of no electoral college?
Mayor of Chicago would be a good example. D's have been shoe ins. Do the R votes matter?

I thought your point was in lopsided elections a person's vote doesn't matter. Meaning it change the outcome.
This is how CU's work. That is way I said one member one vote shouldn't be an issue.

[ExGingi]

So if say for senator in he/she was a shoe in then all votes would matter because of no electoral college?
Mayor of Chicago would be a good example. D's have been shoe ins. Do the R votes matter?

I thought your point was in lopsided elections a person's vote doesn't matter. Meaning it change the outcome.
This is how CU's work. That is way I said one member one vote shouldn't be an issue.

There are 3 distinct issues here:

1. Electoral college with lopsided states - a single vote has no effect whatsoever.
2. Lopsided "shoe ins" - votes are mostly meaningless in the general election, but might have some sway in primaries, and are actually voices that exist (as opposed to #1 where they are totally drowned).
3. CUs where it's not only about the voice, but about the ownership (and voice) of every single member, and the fact that one has to be a member (owner) in order to do business with the CU, which is not the case with a publicly held Bank.