Updated over 7 years ago on . Most recent reply
Any Recommendations for a HELOC Lender in the Phoenix area?
Bought my home in the Scottsdale, AZ area as a foreclosure back in 2009. Was house hacking for years and now it is kind of a live in flip. Between the work I have done and the recovery in the market, I have about $200K in equity right now.
Thinking a HELOC would be a great way to finance an income property. My goal is to buy at least 1-2 income properties in the next year, likely outside of AZ due to the cap rates here.
Assuming the big banks like Wells Fargo will not be nearly as competitive on rates as some of the smaller banks but there are so many options in Phoenix, not too sure where to start. Any recommendations would be great! Thank you.
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CU West and TruWest had an automated system they used and told me the value of my home right over the phone without any kind of photos from me. CU West seemed to be more in line with what I was expecting and TruWest was way more than what I expected by about 60k. I wasn't mad at all at their valuation lol.