Trying to find the right HELOC terms...

5 Replies


I've been searching high and low for a HELOC with great terms. They're all pretty much the same and I was about to commit to a local credit union but came across this HELOC.

Here are some of the highlights: 

  • Up to 90% CLTV financing.
  • $20,000 to $250,000 loan amounts.
  • No annual fee.
  • 15-year draw period & 15-year repayment period.
  • For single-family and multi-units, condominiums, townhomes, second homes and planned unit developments.
  • Fixed-rate loan lock option as low as 2.99% APR (Minimum 60-month term required) .
  • Apply up to 3 fixed-rate loan locks at any time.
  • Fixed-rate is based on credit history at time of loan origination.
  • Interest Only.
  • No prepaid penalties. 
  • HELOC must remain open for 3 years.

I did call them and they clarified that 90% LTV has a 6.5% interest rate (excellent credit) but the same features above would still apply. 80% LTV is the current rate 4.25% and all closing cost would be paid by me. On a loan of 100k the closing cost would be approximately $1900 to $2750.

Now I know I can get no closing cost else where but I thought the three fixed rate locks at 2.99% APR for 5 years could be beneficial considering I'm a newbie and would want to start my RE Investing slow. Has anyone used Unify Financial Credit Union? Any feedback or HELOC recommendations would be REALLY appreciated.


@Will Pardo,

It is definitely possible to get a HELOC with low or minimal closing costs that has most of the same terms you just described. I just did one where I paid $50, and got 90%LTV as a second mortgage on my primary. I have interest only for one year, and a teaser rate of 2.9% for the first six months. This is my second time around doing this. Not sure who does these in Florida, but if you can find them in Chicago you can find them in Florida.

Thanks John Warren! I appreciate your feedback!

@John Warren Can you let me know what lender you used for the Chicago area?  


@Will Pardo , I'm curious: was your local Credit Union's product that much worse? What stood out?

Being somewhat cautious, I wonder if Unify's appraisal would come in the same as the Credit Unions?

Because unless they do, perhaps you're not comparing apples with apples after all?

And most importantly, what benefit are you expecting to get out of being in debt up to your eyeballs?

ie. Are you a really good picker of next deals? Good luck...

@Sam Stout I am happy to! I don't think we are supposed to post companies info on the boards, so shoot me a PM and I will share. I have been very pleased with my HELOC!

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