Need help on getting a Heloc or cash out refi @ lower rate ...

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Hi all.  I went through a couple of threads regarding the topic.  But I think each case is unique so I'm presenting mine here to get better help.

This is for a SFH I just bought a couple of weeks ago for $570k. House is still in tack (everything works), but rough conditions (worn carpet, old paint, etc..).

It's all paid for.  Ideally Heloc would be best but cash out is fine.  60% or more is fine with me.  I need banks that don't ask for full doc!

My current options:

- Right now I'm working with a local bank who quoted around 5.5% (forgot the exact number at the moment) but with 1% origination fee and some other lender fee (I think $1000-$1300).  Again, I'll update these numbers tomorrow when I talk to them again.

- A HM lender I've been working with would lend @ 9% no fee

- Another one has a program at 7.9% no fee, takes 30 days to close


You will want to find a portfolio lender (think community bank) if you don’t want/can’t do full doc. If a deal makes sense, they can write it as they are the judge, jury, and executioner.