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Old 11-19-2009, 03:49 PM
 
Location: NC
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Who knows of a great HELOC rate for a property in Raleigh? Seems like the lowest rates vary from bank to bank quite often, and Bankrate doesn't have a comprehensive listing any more.
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Old 11-19-2009, 04:34 PM
 
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Ours is currently 2.6% annual rate with Wells-Fargo (Wachovia). If you qualify you should be able to secure a very competitive rate. Good Luck.
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Old 11-19-2009, 05:41 PM
 
Location: Cary, NC
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Aren't those things not smart to do?
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Old 11-19-2009, 05:56 PM
 
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Quote:
Originally Posted by RDUBiker View Post
Who knows of a great HELOC rate for a property in Raleigh? Seems like the lowest rates vary from bank to bank quite often, and Bankrate doesn't have a comprehensive listing any more.
I've got prime minus 0.75% with no minimums/annual fees from Charter One.
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Old 11-19-2009, 06:57 PM
 
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I was going to suggest you check out Wachovia - their rates that I have seen are really competitive.
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Old 11-19-2009, 07:07 PM
 
Location: NC
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Originally Posted by JQ Public View Post
Aren't those things not smart to do?
You mean a HELOC? Whyzzat? I have a large amount of equity in my home and might like to borrow against it to put in a pool, add on, finish a basement, etc...they're only bad if you borrow more than you owe and/or can't pay it back properly.
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Old 11-19-2009, 08:31 PM
 
Location: Cary, NC
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I know a lot have been frozen due to the economic crisis. I guess if you're using it to build more equity in your house it's ok, but I didn't know that originally. I know a lot of people were using HELOC's to pay down CC bills etc.
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Old 11-20-2009, 07:38 AM
 
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New HELOC rates are pretty high, usually Prime + some big spread like 3-4% or more. I had a HELOC in place before the crunch at Prime - 1% so is now 2.25%. I think you'd struggle to get that now. As stated many of these lines were frozen or removed if they'd not been drawn during the crunch
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Old 11-20-2009, 07:39 AM
 
Location: Apex, NC
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HELOC's are not always bad, but with anything you just have to be smart about it. Taking one out to by a car probably isn't a good idea. Taking a $50k heloc out if you have $50k in equity is probably also not a good idea, due to the fact that you'll never kbnow if you home value could drop. Taking a $50k heloc to add value to your home, when you have $100k plus of equity, would probably be alright. You just have to way the pros and cons.

When I lived in Northern VA back in 2005 and I knew people taking out HELOC's to pay for vacations and buy cars. House values were shooting through the roof at the time up there. Those same people are probably in a world of hurt now that their homes have dropped from $500k to in same cases half of that value.
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Old 11-20-2009, 07:50 AM
jhk
 
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Originally Posted by Waterboy526 View Post
HELOC's are not always bad, but with anything you just have to be smart about it. Taking one out to by a car probably isn't a good idea. Taking a $50k heloc out if you have $50k in equity is probably also not a good idea, due to the fact that you'll never kbnow if you home value could drop. Taking a $50k heloc to add value to your home, when you have $100k plus of equity, would probably be alright. You just have to way the pros and cons.

When I lived in Northern VA back in 2005 and I knew people taking out HELOC's to pay for vacations and buy cars. House values were shooting through the roof at the time up there. Those same people are probably in a world of hurt now that their homes have dropped from $500k to in same cases half of that value.
why is that? just like you mentioned, if you have enough equity there and it isnt pushing the loan to value(which most places wont let you get near. max 90%) then its not a bad idea, esp for tax purposes.
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