Thank-you to SIS for getting this needed thread going! You have been going the extra mile lately making FW finance an even more useful place, and I'm sure I'm not alone in appreciating it.

#5, PFCU, didn't have a regular thread dedicated to them. A few details: Prime for life, with a 2.9% fixed(!) intro rate for one year. 15 year draw period. No fees. They do verify income, and need decent but not superb credit (no cutoff score). You do pay for conventional appraisal if required--usually they can do automated appraisals, and you'd only want to do this if you want to challenge their number. Their website layout can be a little confusing, but terms here are pretty clear:

<< $5,000 to $100,000 for owner occupied equity lines up to 90% of fair market value (FMV); $5,000 to $50,000 for owner occupied equity lines 90.01% or greater of FMV. APR is 1% higher for lines of credit over 90% FMV. 2.9 % fixed APR for the first year, Prime plus 0% APR variable after that. Maximum APR is 18%. Introductory rate is for new lines of credit only. As long as you have available credit, you can draw on your line of credit at anytime during the 15-year term. Minimum payment may not repay principal which will result in balloon payment. >>

To join, you need to have a connection to the military or join a military support group (I qualified easily this way.)

I think that for many, the combination of no fees, a 15-year draw, 90% LTV, and a fixed 2.9% intro rate makes this the most compelling product out there. Their customer service is 24/7, and seems light years beyond someplace like DeepGreen. Sooner or later I will try them out, and report back. They are one of the only options out there for NON-owner occupied HELOCs.


Sovereign Bank will do prime minus .51%, last I checked, if 80% LTV or better. They require an appraisal if needed to support the amount of cash you want. Don't know too many details on this one.

i will once i take the time to read about hyperlinking...the FAQ is a work in progress

Charter One Bank charterone.com
Home Equity Lines of Credit (HELOC)

89.99% LTV HELOC


Intro Rate 1.99% APR* for 4 Months

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Rate 4% (Prime minus 0.25% for life of line)
Requires $10,000 draw at closing, maximum APR of 16%.

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Terms 5-year draw period with interest only monthly payments. Balloon payment at maturity. No $100 annual fee for first 24 months and waived for each following year if the average outstanding balance for the immediately preceding 12 months is 20% or more of the current committed amount. Property insurance and flood insurance, if applicable, are required. New customers only. Offer is subject to change. Consult a tax advisor regarding deductibility of interest.

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Closing Cost No Closing Costs

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Additional Information Owner occupied, 1-4 family residences only. Minimum line $5,000. Maximum line $500,000.

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Non-Draw Pricing Option Without $10,000 draw at closing, pricing is based on line size as follows:

$5,000 - $24,999 5.00% (Prime + 0.75%)
$25,000 - $49,999 4.75% (Prime + 0.50%)
$50,000 + 4.25% (Prime + 0.00%)





99.99% LTV HELOC


Intro Rate 1.99% APR* for 4 Months

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Rate 6% (Prime + 1.75% for life of line)
Maximum APR of 16%

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Terms 5-year draw period with interest only monthly payments. Balloon payment at maturity. No $125 annual fee for first 12 months and waived for each following year if the average outstanding balance for the immediately preceding 12 months is 40% or more of the current committed amount. Property insurance and flood insurance, if applicable, are required. Offer is subject to change. Consult a tax advisor regarding deductibility of interest.

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Closing Cost No Closing Costs

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Additional Information Owner occupied, 1-4 family residences only. Minimum line $5,000. Maximum line $100,000.


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All rates as of 2/4/2003.
Prime 4.25 % as of 11/12/2002.
*The annual percentage rate (APR) may vary

bump for this useful thread, and an update: PFCU now does HELOCs to $200K

can you get heloc then refi.? or refi then get heloc?
right now i'm at 7.25% so i want to refinance
TIA

Was searching for the peoples bank cc website and found this site during the search. Looks like it's only for Connecticut residents.Peoples Bank Equity Credit Line


Lines above 50,000 qualify for prime - 1.00%. Here are some of the terms:

* Offer available for Connecticut homeowners only. The Annual Percentage Rate ("APR" is variable each month and will be established based on an Index equal to the Prime Rate as published in the Northeastern edition of The Wall Street Journal on the last business day before the start of each month's billing cycle. For approved line amounts of $50,000 or more your APR will be equal to the Index minus one percentage point (1.00%) and the APR as of 3/3/2003 is 3.25%. For approved line amounts less than $50,000, you may also qualify for this rate if your balance in use is $25,000 or more. If your approved line is less than $50,000 and your balance in use is less than $25,000 your APR will be equal to the Index plus one percentage point (1.00%) and the APR for these balances as of 3/3/2003 is 5.25%. The maximum APR is 17%. The minimum APR is 3%. Rates effective 3/3/2003 and are subject to change without notice.

Equity Credit Lines are available only for 1-4 family owner-occupied properties and approved condominiums located in Connecticut and are not available on cooperatives. This Equity Credit Line has a minimum line amount of $10,000 and a maximum line amount of $500,000. The allowable equity limits are as follows. For line requests of $10,000-$250,000 you can borrow up to 80% of the equity in your home (70% for 2-4 family homes and 65% for condominiums) less your current mortgage. For line requests of $250,001-$500,000 you can borrow up to 70% of the equity in your home (60% for 2-4 family homes and condominiums) less your current mortgage. Line requests that are over the allowable equity limit may be approved at People's discretion but will require the purchase of mortgage insurance. Property insurance is required and flood insurance may be required.

There is a $50 annual fee associated with this account, which is waived for Advantage Plus and Investor Plus account holders for the first year only. If you close your account within two years after the date of your closing, you must pay a prepayment fee of 1% of the approved line. Existing People's Equity Credit Line customers are not eligible for this offer. Other terms and conditions apply and other equity credit line programs are available.

Maximus330I said:

<< Suckisstaples,
Ive been meaning to ask you this for a long time. Where do you get your name? >>

Look at this thread.

What about the tax aspect of HELOC? DeepGreen says that the interest is tax deductible in most cases. It then points readers to consult with their tax advisors.

My understanding is simply that: if you itemize, you get to deduct it. Is this correct?