Hi BP: Can anyone recommend a good bank with a low rate for a HELOC that does not have a mandatory withdrawal at closing? I've been looking at a few banks, both national and local, and many of them require you to draw a minimum at closing. My property is in Chicago, but not sure that really matters, but would appreciate recommendations on banks that anyone has had a good experience with.
Hi Jason , try First Merit. You could pull the line upon closing and pay It back the next day. 2.99% :)
@Jason H. My HELOC was/is with PNC...don't recall them making us take a draw, but if we did I know we paid it back immediately. Even so, what's the issue with taking the minimum draw and just paying it right back?
I worked for Chase bank for 14 years and would recommend taking a draw as a safety net for cash on hand. At any point a bank can freeze your credit line and then you won't have access to the cash, so I would recommend taking a draw, depositing it into your checking account and then pay it back to help build your credit.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing