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  1. #1
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    ruxCYtable's Avatar
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    Home Equity Line of Credit

    Considering getting a HELOC to consolidate some debt and use for future home improvement projects. I wanted to look into some online lenders, like Lending Tree or Quicken, in addition to some more "conventional" banks and credit unions.

    Anyone have any insight on lenders they are particularly satisfied with (or not)?



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    Re: Home Equity Line of Credit

    Quote Originally Posted by ruxCYtable View Post
    Considering getting a HELOC to consolidate some debt and use for future home improvement projects. I wanted to look into some online lenders, like Lending Tree or Quicken, in addition to some more "conventional" banks and credit unions.

    Anyone have any insight on lenders they are particularly satisfied with (or not)?
    Don't do an online. Go to a local credit union, much easier to deal with and you will get much better rates.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

  3. #3
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    Re: Home Equity Line of Credit

    Quote Originally Posted by ruxCYtable View Post
    Considering getting a HELOC to consolidate some debt and use for future home improvement projects. I wanted to look into some online lenders, like Lending Tree or Quicken, in addition to some more "conventional" banks and credit unions.

    Anyone have any insight on lenders they are particularly satisfied with (or not)?

    If you are in the Des Moines Metro Area I'd check with Veridian Credit Union. they have very good rates.



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    Re: Home Equity Line of Credit

    Pay cash if you can



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    Re: Home Equity Line of Credit

    I got mine through Countrywide (now B of A) as a combo during my last refi.

    Can't really complain. Didn't use it too much. Couple time - just made for a nice safety net.

    Nice thing was it was pretty cheap since they didn't require much additional doc - no other appraisal, credit check, etc.



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    Re: Home Equity Line of Credit

    Doing a HELOC online will make your life hard. I am just telling you I would go to a Credit Union or something as the others have said. Good rates and better service.

    Plus, coming from somebody who used to work in the mortgage industry, and just from personal experience, big banks will try do ding you any way possible on these lines of credit and nickel dime you. You may get a better rate but you may end up breaking even in the long run with a lot more gray hair.




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    Re: Home Equity Line of Credit

    Quote Originally Posted by BryceC View Post
    Doing a HELOC online will make your life hard. I am just telling you I would go to a Credit Union or something as the others have said. Good rates and better service.

    Plus, coming from somebody who used to work in the mortgage industry, and just from personal experience, big banks will try do ding you any way possible on these lines of credit and nickel dime you. You may get a better rate but you may end up breaking even in the long run with a lot more gray hair.
    I completly agree. I use to work for one of the "Big Banks" as a Mortgage Underwriters. If you go with them your life will be hell. Small local bank or credit union will be your best bet. Filling out paperwork will be much easier.



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    Re: Home Equity Line of Credit

    We've had an account with People's Trust for number of years. We got a HELOC a few years ago when we decided to do some things around the house. I really can't complain. They've been good to work with.



    What ever happened to truth, justice and the American Way?

  9. #9
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    Re: Home Equity Line of Credit

    Quote Originally Posted by Sterling4Cy View Post
    I completly agree. I use to work for one of the "Big Banks" as a Mortgage Underwriters. If you go with them your life will be hell. Small local bank or credit union will be your best bet. Filling out paperwork will be much easier.
    This was my experience. I think it helped that we had a relationship with our bank already established. We talked to them, they had an appraiser come out and we signed the paperwork within a week or so. In fact, they gave us a short term loan to replace the AC so we wouldn't ahve to wait for the HELOC to close. Once it did close they jsut paid off the short term loan with the HELOC. It worked out great.



    What ever happened to truth, justice and the American Way?

  10. #10
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    Re: Home Equity Line of Credit

    Lending Tree is not a bank - they are a middle man, and Quicken Loans is going to sell your loan after it closes to another lender. I would recommend going to your local bank vs. any online lender. Also, any lender that offers you through Lending Tree has pulled your credit report, giving you multiple inquiries. HELOC's interest rates are often variable, and may fluctuate. They are really good right now, but if rates go up, your rate can go up, thus your payment goes up.

    I would suggest doing a couple things before hand to help determine how much money you need/want and how your credit is.

    -Talk to a realtor/appraiser someone who can give you an idea of what your home is worth. Talk to them about the improvements you want to do and what the ROI is going to be. An honest realtor can tell you if you are over-improving your house for the neighborhood, give you comparable homes that have sold and what the sales price was, and how the market is performing in general.
    -Pull all three of your credit reports www.annualcreditreport.com - it's free one time per year. Do a quick scan to make sure there isn't anything out of the ordinary, especially if you haven't had any new lines of credit in a while. Check the inquiries section too - these are the people looking at your credit to determine if they want to issue you credit. The last thing you want to do is go to the bank and find a surprise.
    -Check your credit score at www.creditkarma.com - it's free and will pull your score from Trans Union. Yes, it's only one of the three credit bureaus, but it will give you an idea of where you stand. All you have to do is register at the site and then you can check it anytime.
    -Just remember a HELOC is considered a second lien against your house in most cases, because the house is securing the debt. If you go to refinance down the road, this could be an issue. It may not be, but I've seen in many cases where it is, and it creates a nightmare for the borrower.
    -What type of debt are you paying off revolving, installment, student loans, medical? If you plan on paying off installment debt (i.e. car) ask yourself if you really want to be paying on that car for the next 10-15-20 years, because that's what you are doing. You may have the title to the car, but you are still paying for it. If you are paying off revolving debt (credit cards) be prepared for some lenders to expect you to close those credit card accounts. We were doing this all the time at the mortgage company I worked for.
    -When are you doing the home improvements - right away or a few years down the line? If you are doing them down the line, do you really need to have access to the money right now? Could you work on paying off the other debt and then look at doing the home improvements? Again, you have to ask, do I really want to be paying on installment debt for x number of years, or could I have paid it off in a few years?

    I know it seems like a lot, but I worked with people who were trying to refi, open a HELOC, etc. and most of them were never prepared. They had no idea what their home was worth, how good/bad their credit was, and wanted to just wrap it all up into one payment, and a year or two later they were back wanting to do it all over again.



  11. #11
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    Re: Home Equity Line of Credit

    i work for a bank that specialized in HELOCS and i recommend going to a credit union and not doing it online. Easier, better rates and better service if there is a problem



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