Need heloc recommendations
I’m looking to do a heloc on a home, but only want to do an automated appraisal, would like 90% ltv.
Options?
I'm going to say start calling your smaller local banks and credit unions. There are still lenders out there that will do 90% CLTV on a primary residence, and I've had the best luck with those smaller banks. They generally will keep the loan in house versus trying to sell it on the secondary market, and you can usually talk directly to someone at the bank that would be able to answer if their appraisal process is automated or a full appraisal. Is there a specific reason you are trying to avoid a full appraisal?
@Wesley Weber- is the home your primary residence or a rental property ? assuming its your home -many HELOC lenders use some form of an AVM type appraisal .....you might find that the CLTV will be a bit lower than 90% ....I would try 1) local smaller banks and credit unions 2) try the 1st mtg lender/ servicer 3) try the bank you have a realtionship with
I keep hearing Pen Fed recommendations! They sound great but only on your primary residence. They didn't work out for me because I need it for my investment property.
Hi there, try calling Synovous Bank - Tampa. I'm working on one for myself at the moment and so far so good.