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Old 10-10-2019, 06:48 PM
 
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Has anyone gotten a HELOC recently?


Looking to find a bank with low fees.
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Old 10-10-2019, 07:41 PM
 
Location: Union City, NJ
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Most banks pay for the closing costs on HELOCs so there should really be no fees. You may have to pay for the appraisal if it’s a multi-family property. Otherwise it’s probably just a nominal annual fee of about $50, or no fee at all to have the line open. Your credit worthiness will have a bigger effect (affect? Retriever, please help) on your rate of than the bank you choose will.
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Old 10-10-2019, 08:13 PM
 
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BoA was completely free for me.
Chase wanted $50
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Old 10-11-2019, 09:59 AM
 
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Quote:
Originally Posted by ieee488 View Post
Has anyone gotten a HELOC recently?


Looking to find a bank with low fees.
Fees from the big banks should be free or close to it, but what you want to focus on is the interest rate and terms of the HELOC.
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Old 10-11-2019, 10:00 AM
 
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Quote:
Originally Posted by rummage View Post
Fees from the big banks should be free or close to it, but what you want to focus on is the interest rate and terms of the HELOC.

What should I be looking out for in the small print?
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Old 10-11-2019, 10:31 AM
 
Location: Florida -
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A couple of years ago I had a situation where I decided a HELOC would be a good thing. In the past I had HELOCS on practically a signature loan - and also had about a 5:1 equity ratio, plus excellent credit rating, etc.. Thus, I was quite surprised by the difficulty of getting a HELOC (similar to a first mortgage). I also found most lenders more interested in a direct mortgage, rather than a HELOC (yet, talking about them in similar terms).

Although I've never really used it, it is still available/open for another 8-years. Additionally, there were Doc stamps and fees associated with a HELOC that no bank is going to pay out of their pocket (in my case, it was about $850, which was quite competitive). My HELOC terms are Prime less 1-percent and, even if it is unused, there is about a $65 annual management fee. Mine is with Third Federal.
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Old 10-11-2019, 10:40 AM
 
766 posts, read 1,241,499 times
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I didn't know about the annual management fee. Thanks.


I am thinking about a HELOC because I want to buy a smaller house first and then sell the house I am in.
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Old 10-11-2019, 12:10 PM
 
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you might just want to do a refinance cash out (if your rate is high enough and your timeline is short).
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Old 10-11-2019, 03:13 PM
 
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I don't think I understand what you mean by a refinance cash out.
Refinance I understand but cash out I don't.
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Old 10-11-2019, 07:12 PM
 
Location: New Jersey
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The Bank that will give you the lowest HELOC rate with no closing costs is best. Some examples of good ones include PenFed, Fifth Third, Credit Unions usually offer best rates.
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