I am seeing if anyone knows of any good lenders to work with for a local bank in the California area . I am looking open a HELOC against my current home valued around 1.5m . I do not have a mortgage or anything against the home .
Would like to work off a referral maybe someone had a good experience with in the past. Happy to provide more information, Thank you !
I will say that while there are banks that have a good/bad reputation, usually your HELOC rates and terms depend on the value of the home and the equity on the property.
That being said, you should always check for Google reviews as a start.
I would always say the more banks/lenders you shop from the better you get to decide the best HELOC offer for you.
A way to do is, is to contact a local mortgage broker near you. They mortgage broker will usually on your behalf, go shop with multiple lenders(usually 10+) and provide you with offers. Then, you can decide the best HELOC offer for you. Good luck
I will say that while there are banks that have a good/bad reputation, usually your HELOC rates and terms depend on the value of the home and the equity on the property.
That being said, you should always check for Google reviews as a start.
I would always say the more banks/lenders you shop from the better you get to decide the best HELOC offer for you.
A way to do is, is to contact a local mortgage broker near you. They mortgage broker will usually on your behalf, go shop with multiple lenders(usually 10+) and provide you with offers. Then, you can decide the best HELOC offer for you. Good luck
Sounds like you need a 1ist lien heloc, I did not find many lenders doing them when I opened mine in 19. Just sold my primary in January and paid mine off with First Savings Bank (https://www.fsbbank.net/person...). I don't remember my margin over prime, I think it was 2 or 2.5. They were great to work with and I'll use them again after I decide on my next primary (living in one of my rentals now).
I do have a few HELOC options, as well as some HELOAN (Home Equity Loan). My rate and fee is competitive compared to any other lenders.
Now a lot of people don't know this, but HELOCs actually have an adjustable interest rate. If you want a fix interest rate, HELOAN is an option to go with, and the interest rate might be a little bit higher.
At the rate in which Helocs are becoming more costly versus a cash out refinance. Have you though about just doing a cash out refinance to compare the rate and benefits. You can run into some issues with a heloc especially if the line of credit is going to be substantial. You can avoid an adjustable rate, shorter terms and avoid a liability versus a asset.
I am seeing if anyone knows of any good lenders to work with for a local bank in the California area . I am looking open a HELOC against my current home valued around 1.5m . I do not have a mortgage or anything against the home .
Would like to work off a referral maybe someone had a good experience with in the past. Happy to provide more information, Thank you !
Heloc, Heloan or Refi options are open to you. The lowest rate of which being Refi. Best to have a conversation about what real estate you own and your need for the capital to know which option is best.
If its construction, need a contingency and stage payments over longer period might be HELOC. But rates are the highest and adjustable. Payments are int only and can re-draw for 10yrs. So as you see pluses and minuses. Same with the other options.
Fixed rate. Have to take all the funds. Can't re-draw after paying down. Etc etc. Happy to have a conversation about all the options and all of the pros and cons. DM anytime.
I am seeing if anyone knows of any good lenders to work with for a local bank in the California area . I am looking open a HELOC against my current home valued around 1.5m . I do not have a mortgage or anything against the home .
Would like to work off a referral maybe someone had a good experience with in the past. Happy to provide more information, Thank you !
Hi Mike,
Hope all is well! Depending on what you are looking for. I recently closed with Logix here in CA. They have a fixed promotional rate recently for 12 months than switch to the PRIME rate. I secured 6.4% for the first 12 months on 250k loan.
If you have a short-term project, this arrangement might work good for you.
I have good experience with them. Let me know if you want to chat more :)
Hey Mike, I'm a Mortgage Broker with access to all programs, and would be happy to go over options with you or even just give you information about the best lenders out there that meet your needs or qualifications! Please feel free to dm me and we can have a brief chat!