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HELOC HELP aka LINE OF EQUITY
Hey BP Family! Im located here in south Florida. I’m looking to pull a line of equity out of my primary home. Here are the numbers. I’ve narrowed it down between two credit unions.
#1 Gaurdians credit union
Interest rate: PRIME minus 0.25%
LTV: potentially 90%
Draw and Pay back period: draw upto 5yrs maybe 10yrs if credit history still really good/ pay back period 15yrs
Closing cost:$435 includes FULL Appraisal
Minimum withdraw when opening account: $5,000
#2 Third Federal Savings and Loan
Interest rate: PRIME minus 1.01%
LTV: 80%
Draw and Pay back period: 10yrs of drawing out with total of 20yrs for payback
Doc & intangible tax $5.50 per $1,000 that gets taken out.
Full Appraisal: $200
Annual fee of the draw period: $65x10=$650
Kevin Sabatino, look up Tower Federal CU. They will do a 100% LTV HELOC on your primary. Rates are as low as 5.75% currently. Have to become a member first but very simple process. You can verify the other specifics on their site but definitely worth looking into if you're looking for max leverage.
Good luck!