Best place to look for a HELOC in Broward County, Florida

6 Replies

Hello everyone, I am a newbie and so excited to be here on this site!!!

I am in my 2nd Condo, rehabbed the first, lived there a long time and did well on resale several years ago, now I live in a condo and I will be applying for a HELOC in Broward County, FL.

I would like to find investments to flip or hold and rent, out of state is fine too. Would love to find the cheaper homes and do so rehabbing.

Thank you!!

@Janis Buongermino I would create a spreadsheet with a list of at least a dozen banks/credit unions/mortgage lenders in your area. In the columns next to the name of the institution, do one column for max LTV, another column for interest rate, another column for closing costs and another column for random notes. Some questions to ask are:

-Max LTV?

-Interest rate on HELOC?

-Who pays for closing costs? Sometimes the bank will pay for these.

-For anyone with a high LTV, ask if there are any stipulations attached to their HELOC. Some lenders may want the entire loan to be held with them or some other weird conditions.

Originally posted by @Alexander Castro :

If there's anything we can do for you feel free to reach out. My team is global. It doesn't matter the location we can help!!

Hello @Alexander Castro - Thank you so much for reaching out. I am very interested in that area, I stayed there for 3 months many years ago. You are a Buyers agent? My first step is trying to figure out where to get the Home Equity Line of Credit with the best LTV and low costs. Once this is done, I will be good to go!

Until I get the HELOC I would be looking at homes at $100k or under. Lets connect!

 

Originally posted by @Dan Weber :

@Janis Buongermino I would create a spreadsheet with a list of at least a dozen banks/credit unions/mortgage lenders in your area. In the columns next to the name of the institution, do one column for max LTV, another column for interest rate, another column for closing costs and another column for random notes. Some questions to ask are:

-Max LTV?

-Interest rate on HELOC?

-Who pays for closing costs? Sometimes the bank will pay for these.

-For anyone with a high LTV, ask if there are any stipulations attached to their HELOC. Some lenders may want the entire loan to be held with them or some other weird conditions.

Dan,

This is exactly what I was looking for, thank for providing next steps, I was not sure If I should be searching local banks, mortgage companies or online lenders or a combo. For online lenders - I was hoping people on this site might share their experiences with good lenders because I am not familiar with them.

I was also hoping to get an idea of what a good package looked like in Florida, but I guess I will know this with my research and spreadsheet numbers.  

Thank you so much for sharing!!  

Janis

 

Yes, a buyers agent! I'm a Relocation Specialist & I've I've worked with investors for the past 5 years. Let's connect!

Originally posted by @Janis Buongermino :
Originally posted by @Alexander Castro:

If there's anything we can do for you feel free to reach out. My team is global. It doesn't matter the location we can help!!

Hello @Alexander Castro - Thank you so much for reaching out. I am very interested in that area, I stayed there for 3 months many years ago. You are a Buyers agent? My first step is trying to figure out where to get the Home Equity Line of Credit with the best LTV and low costs. Once this is done, I will be good to go!

Until I get the HELOC I would be looking at homes at $100k or under. Lets connect!

 

 

Look at third federal, they have high LTV and low rate on Heloc for primary residence.