Richmond, CA · Member since 2018 · 17 posts · 4 votes
Hi All,
I'm looking to get a HELOC ($200K). I have good credit, decent equity, and a good loan to value ratio. I've talked to BofA (they'll give me a good rate locked in for the first year, adjustable after that) and am looking around for other offers. Does anyone in my area have a lender they particularly like?
Rental Property Investor · San Diego, CA · Member since 2018 · 176 posts · 83 votes
7y
@Leigh Costain I got a HELOC last year from Cal Coast credit union. Credit unions usually have the best interest rates. I'm down in San Diego, but I'd recommend checking out local credit unions first. One thing to note is that my HELOC took about 45-60 days to close. That was a lot longer than I expected. Good luck
Rental Property Investor · San Francisco, CA · Member since 2017 · 11 posts · 5 votes
7y
Fremont Bank is pretty good. We got two HELOCs in June worth a total of $144k. My brother out in Richmond got one from them for $114k, a few months ago too.
Richmond, CA · Member since 2018 · 17 posts · 4 votes
7y
Just an update, I spent a few days shopping around and BofA had by far the best offer. Interest at 3.74% for the first year, margin @ .25% below prime after that. No closing costs (none, not "rolled into the financing", none). No required balance and no cancellation fees after 36 months. Also the docs required were less extensive than the other banks and the whole process of applying is online.
Other banks would go higher LTV and also work with lower credit scores, but since I didn't need those features I went with BofA.
If you haven't heard of SF Fire Credit Union, I highly recommend them as one of the best bay area credit unions. They have really good rates on HELOCs at the moment, especially if you are looking to refi the HELOC you got with BofA.
3.25% APR, with no annual fees. Plus, it's nice to support a local credit union that has your best interests at heart rather than profit-motivated national banks. They've been in the Bay Area for over 50 years and operate as a non-profit. Check out some of their reviews, they are well-loved in the community.
Hi @Cas Ross, thanks for mentioning SF Fire CU. I'm in the process of finding a lender for a HELOC and came across SF Fire CU last night. I'll be reaching out! Is there someone in particular that you worked with? Do you mind sharing via PM with me? Thanks!