Author Topic: Home Equity line of credit recommendations  (Read 441 times)

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Offline ocguynew

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Home Equity line of credit recommendations
« on: November 19, 2018, 11:04:17 PM »
Is there any recommendations on lender for home equity line of credit? I found Bank of America repsonse very slow

Offline USCTrojanCPA

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Re: Home Equity line of credit recommendations
« Reply #1 on: November 19, 2018, 11:25:15 PM »
www.penfed.org

You'll thank me later. ;)
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Often imitated....Never duplicated!

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Offline Rizdak

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Re: Home Equity line of credit recommendations
« Reply #2 on: November 20, 2018, 04:58:53 AM »
I used SDCCU and had no problems

Offline Soylent Green Is People

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Re: Home Equity line of credit recommendations
« Reply #3 on: November 20, 2018, 09:18:05 AM »
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
« Last Edit: November 20, 2018, 09:23:12 AM by Soylent Green Is People »

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Offline irvinehomeowner

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Re: Home Equity line of credit recommendations
« Reply #4 on: November 20, 2018, 11:15:28 AM »
People talking about HELOCs?

Isn't that the first horseman of the Bubblepocalypse?
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Offline Soylent Green Is People

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Re: Home Equity line of credit recommendations
« Reply #5 on: November 20, 2018, 12:35:50 PM »
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

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Offline irvinehomeowner

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Re: Home Equity line of credit recommendations
« Reply #6 on: November 20, 2018, 12:42:32 PM »
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.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com
www.loansbyjw.com

 

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