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Creative Real Estate Financing

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Kevin Sabatino
Pro Member
  • Investor
  • Jupiter, FL
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54
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HELOC HELP aka LINE OF EQUITY

Kevin Sabatino
Pro Member
  • Investor
  • Jupiter, FL
Posted Jan 13 2020, 06:28

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

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