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I am currently looking for a HELOC for my primary residence. We bank with Chase and was told they no longer offer HELOCs. Just wondering if anyone has applied for a HELOC lately and know which bank or CU is still taking applications?
I am currently looking for a HELOC for my primary residence. We bank with Chase and was told they no longer offer HELOCs. Just wondering if anyone has applied for a HELOC lately and know which bank or CU is still taking applications?
Contour is offering HELOCs, at least in my area. If you want a loan officer, DM me.
I am currently looking for a HELOC for my primary residence. We bank with Chase and was told they no longer offer HELOCs. Just wondering if anyone has applied for a HELOC lately and know which bank or CU is still taking applications?
You post a lot in Las Vegas forum.
You might ask there for local recommendations, if that is where you are.
Go to a local bank or credit union in your area and avoid the big banks. I got a HELOC about 6 years ago so I could do some major renovations. I am glad that I finally paid it in full last month. I prefer to live debt free, no current mortgage or car payment makes me sleep much more peacefully.
Three big banks who I think are the biggest crooks include Bank of America, Chase, and Wells Fargo. As a former Realtor, I dealt with all three and they were terrible to work with. I wouldn't trust any of them with my money if I was looking to establish an account (checking, savings or a loan).
be careful with any loans from credit unions . they generally have practices banks don't . they have extra sneaky little gotchas .
credit unions are non profit structures and as such rely on certain protections like cross collatoralization.
the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.
When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.
When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.
you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations.
After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
Interesting information. In that case, deal with a local bank and not one of the big banks. Does anybody remember the Wells Fargo fiasco of fraudulent activity just a few years ago that they had their hands slapped by the government ??
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