Best home equity loan?

Question

Account Closed · Answer

Unclear where the lender is and where the property is. If the lender is in Rochester,  and you and the property are in Cali, nah, I wouldn't do it.

I have a buddy who spent $3,000 all said and done, on getting a $0 loan from someone in New York who promised the money, which never arrived. The deal was in Arizona.

If he is Registered, with a license number and you check New York's Dept of Finance and you check RipOffReport and everything checks out, you still haven't given enough info to know if it's a good deal. (I used to be a mortgage broker, so I am versed in these matters.) ;-)

The BEST way is your local dentist or doctor, or family members Roth IRA.

(By the way, we love eating at your Pier in Oceanside and watching the sun set. Very nice!)

Phil Morgan · Answer

53rd Bank has a 90% HELOC with no fees.  Best deal I have found so far.

Franco Li · Answer

@Travis Ferreira

I've seen this before and have dealt w/ the same in the Rochester area. If its a legitimate business, you should go for it. Whats the pricing?

Steve Santacroce · Answer

I know quite a few lenders from here as well. If you don't want to post his name on the forums, you could PM us...

Bruce May · Answer

@Travis Ferreira, 15% down on a rental property in today's market sounds pretty good. With the price you stated I know you aren't buying something in Oceanside, right? I am surprised the lender will go down to $50k. Most won't go that low.