NonDawg Home equity line of credit
- Thread starter abwdawg
- Start date
Cadence Bank.
I just did a fixed rate home equity loan but they’ve got a HELOC also.
My girlfriend is a lender for synovus in Athens and they’re doing helocs. DM me if you want contact info.
Part of the continual stream of absolute BS from Wells Fargo. The first thing you need to do is get all of your money as far away from those criminals as fast as humanly possible. Literally any bank in Atlanta is a better choice.
Just post her picture and number on here.
With the rates as low as they are now if you have the equity in the home just do a cash out refinance to get a fixed rate. HELOCs are normally tied to margin plus index so rates can fluctuate. So unless you just want a Line of Credit to use pay down and keep open, a cash out refinance will out perform a HELOC over the years because of the historically low rates right now.
What if one just did a refinance and closed on it in mid December but didn’t do a cash out but would now like to start looking at doing some work on the house? Asking for a friend.
I did a heloc last year with Figure lending. Completely online and time from application to funding was 10 days. Way more efficient than a traditional bank.
We use credit union of GA. Used one to do some major renovations last year then refinanced and rolled the HELOC into the new mortgage to pay it off. It is a great option.
I just closed on a HELOC with Synovus on 12/31. They lend up to 85% LTV and their best rate is prime + 0.5% (maybe lower? I don’t remember offhand). They have a floor of 4%, so that’s what I’m paying. Highly recommend the woman I worked with - super responsive, had all her ducks in a row, followed up to make sure everything went smoothly. I’m near Athens but I think she was based out of Suwanee - Laura Townson, 770-886-3687.
I bought a new car a little over a year ago. The guy at the dealership told me they were shopping the loan to a few different banks. I said “it’s not going to be Wells Fargo, is it? I don’t want to business with them.” He told me no and that they don’t like dealing with Wells Fargo either.
Every dealing I’ve had with that bank, I’m blown away by their stupidity and incompetence. I’m not plugged into the banking community or anything, but I never hear anything positive about them and have no positive stories to share.
Cash out refinance is the worst thing one can do unless they are using the cash for another investment or similar. Cash out refinance to pay down CC or home improvement is far too expensive when looking at interest paid over 15/30 years. There are scenarios where it would make sense, short term living situation, selling house shortly. Am I wrong?
I was shopping for HELOC’s recently. Ended up opening two cc instead after the analysis: 1) Prime for 36 mos, no transfer fee with SunTrust (I had parked $ on another card to start projects pending HELOC shopping); 2) 0% on transfers AND purchases for 20 mos with US Bank. Limits will serve my purpose without mortgaging home or paying the fees / closing costs. However, the best HELOC deal I came across thru the process was actually a credit union in Bethpage, NY. They will waive the closing costs if open for 3 years I believe.
My wife is a realtor and her worst experiences have been with their mortgage department
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Yes, you are. You will not get a lower rate for anything other than a mortgage. So, you are paying less interest than other avenues to do this. There is also absolutely nothing preventing you from paying it back over the same time period you would any other financing route. That said, at current rates you are better off putting extra money into nearly any other investment or paying off any other debt you may have than paying extra on a mortgage. You’ve essentially been given historically cheap money for 30 years.
Cash is fungible. If it is cheap money and you can use the cash, and the overall rate is as good or better, cash out refi is great. If you think you can do better than 3.5 percent in the markets, not a terrible idea to take cheap money and invest in something with more upside.
- Aug 22, 2015
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Try figure.com - we used it and it was the easiest process I could imagine. All online and takes a few days
Most local/community banks will do this and are much easier to deal with than WF type mega banks. Switched to local bank 12 yrs ago and will never go back to big box bank.
Try a credit union. Commercial Banks lending guidelines tighten up any time there is a crisis. Which don't get me started on the fact that is when they should be lending more not less to help people out....but it is what it is. Plus most commercial banks, even when they will lend have really dropped their LTVs percentages....so you might still not have enough equity in their mind to do the loan.
We did a cash out home equity loan. 3.15% for 30 years last year. We bought a 43' fifth wheel. I understand it depreciates but my kids are only young once. YOLO.
Mortgage interest on a primary residence up to $750k (mortgage amount) is tax deductible.
Well I would say do the math first before saying just do a cash out refi. The closing cost on a mortgage are so much higher. If you are disciplined about making your payment on a HELOC to say pay it off in 5 years. There is almost no way you wont come out ahead on the HELOC. Now if you are going to borrow a really large chunk of money, and you are going to need like 10 years to pay it back....then cash out refi makes sense. The biggest thing you have to remember on a mortgage when it comes to refi.....is yeah it might only add $100 a month to your payment....but that is because you are paying on it for 30 years. I am not a big fan of long term debt if its to pay for something that should be short term.
