Best way to get a HELOC

3 Replies

Good afternoon, any one here with experience on getting a HELOC from an online bank like lendingtree or figure just to mention few, or is it better to go down to a local bank?.

Thanks.

@Yoel Reinoso
In the last decade, I really liked B of A and they did no appraisal. However, in 2008 they changed it all and my non owner occupied HELOCS got all zeroed out. I have used my local bank who knows me and knows the local RE market and got $225K HELOC on my non owner occupied 4 plex. I also got a 90% LTV HELOC on my personal residence 3 years ago with a 15 year draw period, and prime minus .25% at KeyBank when they offered their Friends and Family deal. They paid for the appraisal as well! I have a $421K HELOC I use here and there for cash in and out for RE deals. Go for it!!

Originally posted by @Todd Powell :

@Yoel Reinoso
In the last decade, I really liked B of A and they did no appraisal. However, in 2008 they changed it all and my non owner occupied HELOCS got all zeroed out. I have used my local bank who knows me and knows the local RE market and got $225K HELOC on my non owner occupied 4 plex. I also got a 90% LTV HELOC on my personal residence 3 years ago with a 15 year draw period, and prime minus .25% at KeyBank when they offered their Friends and Family deal. They paid for the appraisal as well! I have a $421K HELOC I use here and there for cash in and out for RE deals. Go for it!!

I tried the credit union I work with and they don’t do it. So I am on the process to find one that wants to work with me, thank you..