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)
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JaxFL
Senior Member - 5K
posted: Dec. 5, 2012 @ 6:16a
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.
jjakiun
New Member
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
HBax
Senior Member
posted: Dec. 5, 2012 @ 8:22p
US BANK - not in all states
HUNTINGTON BANK - not in all states
NFCU - max 70% LTV
jjakiun
New Member
posted: Dec. 5, 2012 @ 9:13p
Thanks
NFCU told me no NOO USBank was Prime plus 2.25 I'll check into the 3rd.
HBax
Senior Member
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 ?
I dunno.
USBank was Prime plus 2.25 UGH.
jjakiun
New Member
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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