Author Topic: HELOC Options  (Read 939 times)

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Offline sleepy5136

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HELOC Options
« on: August 05, 2021, 10:05:38 PM »
Anyone recommend any bank for HELOCs? Big banks aren't doing it now besides BofA.

Offline USCTrojanCPA

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Re: HELOC Options
« Reply #1 on: August 05, 2021, 10:47:38 PM »
Anyone recommend any bank for HELOCs? Big banks aren't doing it now besides BofA.

Bank of the West
PenFed CU
Wescom CU
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Offline sleepy5136

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Re: HELOC Options
« Reply #2 on: August 06, 2021, 12:28:22 AM »
Anyone recommend any bank for HELOCs? Big banks aren't doing it now besides BofA.

Bank of the West
PenFed CU
Wescom CU
Thank you!

Offline Cornflakes

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Re: HELOC Options
« Reply #3 on: August 06, 2021, 04:35:39 PM »
Took out HELOC from Wescom recently. Super easy process and they are by far the most technologically advanced CU I have experienced.

Offline USCTrojanCPA

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Re: HELOC Options
« Reply #4 on: August 11, 2021, 11:55:13 PM »
Took out HELOC from Wescom recently. Super easy process and they are by far the most technologically advanced CU I have experienced.

One of my buyers is a senior level executive there and was telling me about their jumbo loan program that goes up to $5m with 25%.  I was surprised that they'd go up that high with only 25% down when the big banks require a 30-40% at $2.5m+ loan amounts. Their rates are fairly competitive too, I might give them a try when it's time to go unicorn hunting.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline hurijo

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Re: HELOC Options
« Reply #5 on: August 19, 2021, 09:40:31 AM »
I've never done a HELOC before... is the paperwork and income verification at the same level as a refinance? Or is it more 'lax?

Offline Cares

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Re: HELOC Options
« Reply #6 on: August 19, 2021, 09:43:09 AM »
HELOC is slightly more lax. Many banks like BofA require you to keep a HELOC open for 3 years and they will waive all the closing costs.

Just be aware if you get a HELOC, it makes it more difficult to refinance in the future. Lenders will require your HELOC bank to subordinate which costs time and money and it results in you getting a higher interest rate because of the subordination and CLTV.

Offline USCTrojanCPA

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Re: HELOC Options
« Reply #7 on: August 19, 2021, 09:49:44 AM »
HELOC is slightly more lax. Many banks like BofA require you to keep a HELOC open for 3 years and they will waive all the closing costs.

Just be aware if you get a HELOC, it makes it more difficult to refinance in the future. Lenders will require your HELOC bank to subordinate which costs time and money and it results in you getting a higher interest rate because of the subordination and CLTV.

Some lenders like Loan Depot will require you to payoff and close a HELOC before they fund a refi (it slowed down my refi by 6 weeks as that's how long it took to get the lien release from the HELOC lender recorded after I paid it off and told them to close it). 
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline the.irvine

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Re: HELOC Options
« Reply #8 on: September 26, 2021, 12:25:34 AM »
HELOC is slightly more lax. Many banks like BofA require you to keep a HELOC open for 3 years and they will waive all the closing costs.

Just be aware if you get a HELOC, it makes it more difficult to refinance in the future. Lenders will require your HELOC bank to subordinate which costs time and money and it results in you getting a higher interest rate because of the subordination and CLTV.

What if you have the HELOC but dont use it? Does it take same amount of time and hassle to refi?

Offline Cares

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Re: HELOC Options
« Reply #9 on: September 26, 2021, 10:17:44 AM »
HELOC is slightly more lax. Many banks like BofA require you to keep a HELOC open for 3 years and they will waive all the closing costs.

Just be aware if you get a HELOC, it makes it more difficult to refinance in the future. Lenders will require your HELOC bank to subordinate which costs time and money and it results in you getting a higher interest rate because of the subordination and CLTV.

What if you have the HELOC but dont use it? Does it take same amount of time and hassle to refi?

Yes you still have to either subordinate or close the HELOC.

 

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