Have a rental with equity in it. over 40%. I want to get a heloc. So far TD Bank, Wells Fargo and Penfed appear to be the only lenders I could find on these. Wells Fargo Prime + 2 TD Bank Prime + 1.5 PenFed Prime + 1 (according to website)
Wow...havent checked in quite a few years... I know I have +.75 from wells, but that was from maybe 10 yrs ago. What LTV are you going to.
posted: Dec. 5, 2012 @ 3:26p
Doesn't really matter 50 or 70 percent. Don't need the money would just like to leverage my emergency fund more and heloc would give me an emergency fund if needed. Then I can do something productive with the sidelined money in savings
posted: Dec. 5, 2012 @ 8:22p
US BANK - not in all states
HUNTINGTON BANK - not in all states
NFCU - max 70% LTV
posted: Dec. 5, 2012 @ 9:13p
NFCU told me no NOO USBank was Prime plus 2.25 I'll check into the 3rd.
posted: Dec. 6, 2012 @ 1:00a
jjakiun said: NFCU told me no NOO Check footnote #3:
"The maximum combined loan-to-value for investment properties is 70%"
EQUITY LOANS The loan app also asks if the property is investment property or not.
Perhaps the person you spoke to didn't comprehend "NOO" ? Maybe call back fresh and say you see on the website they offer up to 70% LTV on investment properties ?
USBank was Prime plus 2.25 UGH.
posted: Dec. 6, 2012 @ 11:39a
Thanks checked back with NFCU, was prime plus 2.5 discount .25 if you autopay thru a checking with them. Bad deal. Looks liek PenFed is the best still Prime plus 1. Probably going with them.
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