Best 85-90% Heloc lender?

Question

I am looking to setup a heloc asap to secure the biggest line I can get before the market goes downward and home values are affected. Does anyone have any recommendations on HELOC lenders they've used in the past? Im looking for preferably 90%, but ill do 85%. 2 lenders ive looked into so far are PNC and Suntrust, if anyone have used them before please let me know. Thanks!

Simrun Mirchandani · Answer

@Nolan M.@Brian Gerlach @Jaysen Medhurst@Jay Hinrichs Ok so based of my numerous phone calls here is what i found. Navy Fed - Susended HELOC currentlyPen Fed- loan up to 90% LTV rates starting at 4.75, will have to pay for inside appraisal if neededPNC - 90% - rates 4.84-5.34. will have to pay for inside appraisal if neededSuntrust 89.9%, rates higher at 7.5+, they will cover appraisal. I bought a fixer upper and sitting on 75k equity, so they would have to come inside of the house to see renovations instead of drivby appraisal. AFTER all this, I learned that I must wait 1 year before a bank will use the appraised value of the home, as its only been 9 months. Otherwise, they use the purchase price. Thus, I will now have to wait a few more months till I can setup a HELOC...

Shane Cummings · Answer

I am in the same boat...looking to secure a HELOC in the next few weeks.

iTHINK Financial looks like a solid option. They pay closing costs. 10 Year Draw and 10 Year Repayment. Up to 90% LTV. Showing a 4% Interest Rate, which is actually their Floor Rate. Credit score of 720 or higher gets the best rate.

Keep me updated if you find anything better than that.

Simrun Mirchandani · Answer

Has anyone used a HELOC from BMO Harris? Looks like they would do 89.9% with no required seasoning period

Steve Vaughan · Answer

Looks like if you do get above 80% LTV it costs and PMI will come into play, won't it?

Instead of high 4s+ above 80%, my rate is 2.7%,with a local bank and was based on a conservative desktop appraisal at 80% LTV.

The 2.7% is as of 3/15, down from what was 4.2%. I am increasing my utilization of it almost $30k per week ($9990 at a time 3x per week) in case a freeze comes.  Net cost of this money is 1.5% as it earns 1.2% in my money market account. Plus the interest paid may be deductible. No brainer.

I've been a customer at Navy Federal CU for 29 years and have been very happy with them but I try to use local banks I already do business with AMAP.

Nolan M. · Answer

@Simrun Mirchandani. I have a heloc at 95% LTV with Navy Federal. I’m not in the military but my brother is in the national guard so I was able to join.

Brian G. · Answer

@Simrun Mirchandani check with Pen Fed

Jaysen Medhurst · Answer

I agree with @Jay Hinrichs. Rules aren't the same as they were just a month ago. With that said, @Simrun Mirchandani, check out your local banks and CUs first.

Florida Credit Union, Florida Central, and First Florida all say 80%.

Simrun Mirchandani · Answer

@Jaysen Medhurst This is primary residence

Jay Hinrichs · Answer

let us know how you do.. I would be surprised if you got anywhere near those LTV's going forward.

Jaysen Medhurst · Answer

Is this for a personal residence or investment property, @Simrun Mirchandani? Lenders will only do 75-80% total LTV on an investment property.