Home Equity line of credit recommendations

ocguynew

New member
Is there any recommendations on lender for home equity line of credit? I found Bank of America repsonse very slow
 
HELOC's are like any other loan - purchase or refinance - taking anywhere from 3-4 weeks on average to originate, process, underwrite, and close. As with any lending, YMMV and faster closings are always possible.

Credit unions (PenFed/SDCCU, etc.) are all fast movers and their loan terms are competitive. From what I've heard Chase has been getting them done in 2 weeks.

My .02c

SGIP
 
Phone calls for HELOC's and C/O Refi's has gone up 10x from last year. It's a signal, but one that requires context.

In 2006 it was "Hey, I need a HELOC to buy a property in Murrietta 'cause my real-a-ter said prices are going way, way up".

In 2018 it's more "Hey, I've got a 1,900 SF home and a 3.25 30 fixed rate that I don't want to refinance into a 4.5 rate just to add a 4th bedroom".

My .02c

SGIP
 
Soylent Green Is People said:
In 2018 it's more "Hey, I've got a 1,900 SF home and a 3.25 30 fixed rate that I don't want to refinance into a 4.5 rate just to add a 4th bedroom".

Hah... great point.
 
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