I know the prevailing advice is to bank locally, but I've looked at the rates that Chase bank has for their HELOC and they seem to have better terms than what the local banks have posted. I particularly like the fact that the posted max APR is only 7.14% compared with a max of 18% with local banks. Does anyone have any experience using Chase for their HELOC? Am I missing something? My primary mortgage is with them and I haven't had any problems.
Yes, I have my HELOC with Chase. Because I have a wealth account with them, I get a better rate than is advertised. Right now, it's 5.5%, which went up about 1% from last year, and I'm pretty pleased with it. When I checked originally to open the line, they had the best rates to begin with.
Thanks, Frank! I called Chase and they said that they also charge a quarter of 1% of the principal along with the monthly interest payment. Unless I’m mistaken, it doesn’t look like they have an interest only option.
Mine is interest only for 10 years. Unless they changed the terms of their HELOC. I'm on auto pay, and the payment shows the amount of interest and "zero" for principal. Most banks back then had a no principal for so many years. Then I'm in NY. Usually, when I have a good cash flow month, I pay principal down in units of $1,000.00