Best place to look for a HELOC in Broward County, Florida

New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes

Hello All,

I think this is one of the most incredible "communities" I have ever had the pleasure to be a part of! It is win-win situation for newbie investors like me and all of you amazing Gurus!!!

I am looking for recommendations on where to apply for a HELOC in Broward County, Florida? Do I apply to one bank or several?

I would like to buy single or multifamily homes in Ohio, Florida, North or South Carolina, Georgia, or Tennessee. not sure if I would rehab and flip or hold and rent. I think it would depend on the property. I did well with my last investment which I also lived in for many years and rehabbed.

I would also like to connect with Realtors that work with lower priced homes.

Thank you for your time!

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Mike S.

Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes

Originally posted by @Janis Buongermino:

Thank you @Lanash Latheef

@Mike S. It is on my primary residence. Great info, I had no idea it would take that long. I read where you should apply to several places in the same day because of credit scores being accessed, is that true?

Should I pay for an appraisal before applying?

No each lender uses his own appraiser, some use automated ones.

For your credit score, it is true that you would want to have all the hard pulls taken within the same period (I believe it was around 10 days). Credit score will aggregate all pulls within that period and it would take less a hit. But why would you want to apply to many places at the same time? You can get the rate and LTV of most of the lenders without pulling your credit. Choose the best one and then apply.

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Lanash Latheef
Investor · Deerfield Beach · Member since 2019 · 19 posts · 4 votes
5y
As far as banks go, TD Bank is supposedly good for HELOCS
0 Reply
Mike S.
Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
5y
Is it for your primary residence or not?
If so Third federal has some of the best rate and higher LTV.
HELOC on investment properties is very difficult to find as COVID has shut down most of the usual lenders in that market.
Also, be aware that underwriting has been lengthen by the high number of applications. When it was taking a month to close on a HELOC a few years ago, I wouldn't be surprised that it would take at least three now.
0 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
5y
Originally posted by @Janis Buongermino:
Hello All,

I think this is one of the most incredible "communities" I have ever had the pleasure to be a part of! It is win-win situation for newbie investors like me and all of you amazing Gurus!!!

I am looking for recommendations on where to apply for a HELOC in Broward County, Florida? Do I apply to one bank or several?

I would like to buy single or multifamily homes in Ohio, Florida, North or South Carolina, Georgia, or Tennessee. not sure if I would rehab and flip or hold and rent. I think it would depend on the property. I did well with my last investment which I also lived in for many years and rehabbed.

I would also like to connect with Realtors that work with lower priced homes.

Thank you for your time!

You should look at Columbus, Ohio

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Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
5y
Originally posted by @Janis Buongermino:
Hello All,

I think this is one of the most incredible "communities" I have ever had the pleasure to be a part of! It is win-win situation for newbie investors like me and all of you amazing Gurus!!!

I am looking for recommendations on where to apply for a HELOC in Broward County, Florida? Do I apply to one bank or several?

I would like to buy single or multifamily homes in Ohio, Florida, North or South Carolina, Georgia, or Tennessee. not sure if I would rehab and flip or hold and rent. I think it would depend on the property. I did well with my last investment which I also lived in for many years and rehabbed.

I would also like to connect with Realtors that work with lower priced homes.

Thank you for your time!

Hi Janis, I would check out Columbus, OH. Cleveland will also have some lower-priced homes, if that's more of what you're looking for.

0 Reply
Janis Buongermino
OP
New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes
5y
Thank you @Lanash Latheef

@Mike S. It is on my primary residence. Great info, I had no idea it would take that long. I read where you should apply to several places in the same day because of credit scores being accessed, is that true?
Should I pay for an appraisal before applying?

@Remington Lyman I will most definitely take a look, thank you
1 Reply
Janis Buongermino
OP
New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes
5y
@zekeliston thank you!!
0 Reply
Janis Buongermino
OP
New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes
5y
Originally posted by @Mike S.:
Is it for your primary residence or not?
If so Third federal has some of the best rate and higher LTV.
HELOC on investment properties is very difficult to find as COVID has shut down most of the usual lenders in that market.
Also, be aware that underwriting has been lengthen by the high number of applications. When it was taking a month to close on a HELOC a few years ago, I wouldn't be surprised that it would take at least three now.

0 Reply
Mike S.
Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
5y
Originally posted by @Janis Buongermino:
Thank you @Lanash Latheef

@Mike S. It is on my primary residence. Great info, I had no idea it would take that long. I read where you should apply to several places in the same day because of credit scores being accessed, is that true?
Should I pay for an appraisal before applying?
No each lender uses his own appraiser, some use automated ones.
For your credit score, it is true that you would want to have all the hard pulls taken within the same period (I believe it was around 10 days). Credit score will aggregate all pulls within that period and it would take less a hit. But why would you want to apply to many places at the same time? You can get the rate and LTV of most of the lenders without pulling your credit. Choose the best one and then apply.
2 Reply
David Collier JrPro Member
Pompano Beach, FL · Member since 2017 · 93 posts · 59 votes
5y
I used PenFed on a duplex I had as a primary. Ok rates. They order an in person appraisal which you pay for.
0 Reply
Janis Buongermino
OP
New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes
5y
@Mike S. Thank you, so research Lenders until you find the best rate and LTV?
0 Reply
Mike S.
Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
5y
@Janis Buongermino
That is what I did for mine. Read all the fine print, look at the rate (be careful of promotional rate that applies first year only and all additional fee). Check if they would lend in your state and what LTV they accept (some will have a different rate based on the LTV). Also look at the repayment schedule (interest only, full amortization or a mix in between).
When you identified your preferred lender, apply.
0 Reply
Janis Buongermino
OP
New to Real Estate · Pompano Beach, FL · Member since 2020 · 9 posts · 4 votes
5y
@MikeS this is where I am stuck, I do not know what good terms are.... I don't have anything to compare what will be presented to me to what are great loan terms. Are there any websites you can recommend with a 30 yr loan that I can get up to speed or any recommendations? This is for sure, my pain point.
Thanks again,
Janis
Thanks again.
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