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On 02/12/2008 I opened a HELOC on my primary residence, I went through my local branch at Regions Bank here in Memphis, TN. I still have a 1st mortgage so I stayed < 80% LTV & got a HELOC (Home Equity Line of Credit) for $172k @ a variable rate of prime - %1. Regions offers the ability to lock and have a multiple "loans within a line" to acquire fixed rates. However, I'm constantly borrowing and paying back in large chunks so I'm staying with the prime - %1 which currently ranges between 4.25 - 5.0%. My FICO was exactly 760, I didn't provide any tax returns or even income statements from my CPA. I was basically stated income and "good bank relations", so people can still get no doc loans at rock bottom rates.
P.S.: There were absolutely no fees, & they even covered the appraisal. Only fee you ever pay is interest, which right now is about as historically low as it gets.
Last edited by simcity; 04-02-2008 at 01:55 PM..
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