I just got a HELOC on a rental property through PenFed Credit Union(I think the only qualification is you must open an account with them with atleast $5). The process was fairly straight forward and did not have any hiccups. I would def do business with them again. Let me know if you have any specific questions and I might be able to help.
If you're ok going with a non-local bank I just used Third Federal (no affiliation to my company). Prime -1.01 on the rate and they were pretty quick 5-6 weeks from start to finish and receipt of checks.
Thank you for your input. I want to use a local bank. I have used super regionals and national banks for loans. I want to contact a local credit union this time. Can anyone tell me if know Delta Community Credit Union or Georgia United Credit Union are REI friendly?
So, far, I have called two banks. One, Georgia's Own, horrible experience. 30 minute wait, passed from one person to another despite entering the appropriate telephone response. They eventually hung up on me. Georgia United Credit Union was very pleasant and helpful. Interest only HELOC at 1.99% for six months and then 5.125% for 10 years. Early termination fee of $350.
So, far, I have called two banks. One, Georgia's Own, horrible experience. 30 minute wait, passed from one person to another despite entering the appropriate telephone response. They eventually hung up on me. Georgia United Credit Union was very pleasant and helpful. Interest only HELOC at 1.99% for six months and then 5.125% for 10 years. Early termination fee of $350.
Variable 5.125%, correct? Haven't seen many fixed rates available anymore and I've never seen a fixed after the 6 month teaser intro rate.
Yes, Jeremy variable. I am sure it will creep up as the FED raises rates. I found out that they package up their loans and sell them to Fannie and Freddie. I don't care for this as they are confined to those standards.
Hi Bryan, wondering what you found. I'm looking for the same, HELOC at a local bank in Atlanta. CUFS and every credit union I've contacted so far doesn't do HELOC on rental properties.