Best bank for Heloc

[Joe4007]

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.

I understand the sentiment but has a state ever been decided by 1 vote? On an individual level, it doesn't really make a difference no matter where you are and on a societal level, it matters everywhere.

[ExGingi]

I understand the sentiment but has a state ever been decided by 1 vote? On an individual level, it doesn't really make a difference no matter where you are and on a societal level, it matters everywhere.

פרוטה לפרוטה מצטרפת.

If a state is a swing state, then potentially every vote counts. We have seen close elections in recent history.

Also, my household probably has 5 or 6 registered (Democrat - as that's the only way our votes might ever have any influence where we live) voters (if all my adult kids listened to me and actually registered). We vote as a block when needed.

[ushdadude]

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

what should I be looking for in a HELOC besides rate quoted? I'm not used to a variable rate loan.

[ushdadude]

I'm also about to buy out my lease. Should I apply for financing or use part of the HELOC to purchase the car?

[whacked1]

I'm also about to buy out my lease. Should I apply for financing or use part of the HELOC to purchase the car?

Is your HELOC fixed rate?

[ushdadude]

Is your HELOC fixed rate?

no

[whacked1]

no

If you can get decent rate on financing rather do that so its fixed. You can always pay it off later with HELOC money

[ushdadude]

If you can get decent rate on financing rather do that so its fixed. You can always pay it off later with HELOC money

good point

[AsherO]

If you can get decent rate on financing rather do that so its fixed. You can always pay it off later with HELOC money

Sound advice, especially in today's climate. Also consider how long it will take you to pay off this debt (whether it's HELOC or financing), whether there are any fees to finance, and the spread between current HELOC rate and whatever fixed rate you'd get.

[shmaltz]

Any leads on the best current HELOC rates in NJ? I received approval for 85% LTV  from Citizens bank at 7.75% for a 10 year interest only draw period and 15 year payback period - principal/interest. Seems average. They are valuing my home at 650k and although I owe 320k which is a 330k difference, they approved 230k. I would assume that 85% is 330k - 15% but they told me it’s calculated differently?

[ExGingi]

Any leads on the best current HELOC rates in NJ? I received approval for 85% LTV  from Citizens bank at 7.75% for a 10 year interest only draw period and 15 year payback period - principal/interest. Seems average. They are valuing my home at 650k and although I owe 320k which is a 330k difference, they approved 230k. I would assume that 85% is 330k - 15% but they told me it’s calculated differently?

650k x 0.85 = 552.5k
552.5k - 320k = 232.5k

[zh cohen]

They are valuing my home at 650k and although I owe 320k which is a 330k difference, they approved 230k. I would assume that 85% is 330k - 15% but they told me it’s calculated differently?

Mortgage balance ($320k) plus HELOC amount ($230K) is 85% of the home value.

[shmaltz]

650k x 0.85 = 552.5k
552.5k - 320k = 232.5k

Ok. Got it. Thanks

[shmaltz]

Definitely worth considering if you live in CA. 2 Year intro rate of 4.49.
https://www.wealthcu.org/home-equity/helocs

2.49% intro for 12 months if you live or have an immediate relative that lives in Baltimore. May be a fee to start and there is an early termination fee if canceled within 36 months. Valid for properties in NJ and a few other states.
https://www.apgfcu.com/rates/home-equity-rates.html

3.99% intro for 12 months. No upfront fees. $400 termination fee if canceled within 36 months. Very easy to become a member for free. "Members of the American Consumer Council (ACC). Not a member? Visit the ACC online, click “join now” and use promo code “Service” to join free of charge." Definitely valid in NJ - other states as well.
https://servicecu.org/borrow/home-equity-loans/heloc/

[AsherO]

Any leads on the best current HELOC rates in NJ? I received approval for 85% LTV  from Citizens bank at 7.75% for a 10 year interest only draw period and 15 year payback period - principal/interest. Seems average. They are valuing my home at 650k and although I owe 320k which is a 330k difference, they approved 230k. I would assume that 85% is 330k - 15% but they told me it’s calculated differently?

$650k asset value
x .85
$552.5k loan-to-value (total amount you can borrow)
- $320k (amount you already borrowed)
= $232.5k (remaining amount they’re willing to lend you)

[shmaltz]

$650k asset value
x .85
$552.5k loan-to-value (total amount you can borrow)
- $320k (amount you already borrowed)
= $232.5k (remaining amount they’re willing to lend you)

Thanks!

[ari3]

Definitely worth considering if you live in CA. 2 Year intro rate of 4.49.
https://www.wealthcu.org/home-equity/helocs

2.49% intro for 12 months if you live or have an immediate relative that lives in Baltimore. May be a fee to start and there is an early termination fee if canceled within 36 months. Valid for properties in NJ and a few other states.
https://www.apgfcu.com/rates/home-equity-rates.html

3.99% intro for 12 months. No upfront fees. $400 termination fee if canceled within 36 months. Very easy to become a member for free. "Members of the American Consumer Council (ACC). Not a member? Visit the ACC online, click “join now” and use promo code “Service” to join free of charge." Definitely valid in NJ - other states as well.
https://servicecu.org/borrow/home-equity-loans/heloc/

any non CU?

[shmaltz]

any non CU?

Is it a Halacha concern?

[ari3]

Is it a Halacha concern?

according to many poskim see upthread and ask your LOR

[Thrifty]

Santander is no longer originating HELOCs.  Any other suggestions (not a credit union)?