What HELOC rates are you accepting right now?
I have one investment property and currently applying for HELOCs ($446k estimated value and $348k remaining on mortgage). I got approved for one at 75K and 10.8% which I declined, and a second at 50k and 8.49% which I am considering. I'm pending offers for other company's HELOCs, but I was hoping for something sub 8%.
I haven't taken out a HELOC before and was curious to see what terms other folks are accepting in recent months, or what a reasonable expectation for a decent rate currently is. Thanks.
I took out a HE loan at 5.875% within the past 2 months, 100k /15 year still under 50% LTV which probably helped. That was through Amerisave. A local credit union was offered me 8%. glad I kept shopping
Hi Jordan. Was the HELOC was on an investment property? If so, was it done in your business or personal name?
Hey Tyler, I have been able to get 7.75% for a HELOC but in all honesty as long as you shop around at several lenders I think that is all the necessary due diligence needed on this front. In general, don't worry about the interest rate at it's current state but what is actually more important is if the utilization of this HELOC makes sense in terms of growing your portfolio, doesn't create to much risk that you are not willing to bare, and the numbers work then always do it is how I see it! People get caught up to much in interest rates -- if that stops you from purchasing another property where the numbers work then you could miss out on future equity.