CUs for HELOC in South FL

9 Replies

Hello Everyone, 

I'm currently shopping around for local credit unions that offer HELOCs and looking for feedback from anyone that has experience. I'm located in Fort Lauderdale and own my home outright. I'm looking to free up some cash for a small rehab and purchasing a rental property later on down the line. 

On the bigger bank side, I've found PenFed to be the most appealing due it it's relatively low APR and fixed/variable options. I'm interested in smaller, local CUs to establish a relationship with.

Any help is greatly appreciated!

Thanks,

DJ

Originally posted by @David Johnson :

Hello Everyone, 

I'm currently shopping around for local credit unions that offer HELOCs and looking for feedback from anyone that has experience. I'm located in Fort Lauderdale and own my home outright. I'm looking to free up some cash for a small rehab and purchasing a rental property later on down the line. 

Hey David,

I live in Orlando FL and invest here. I couldnt find a good Florida bank for a HELOC so I went out of state. I found a bank in NY called Quorum federal credit union that does HELOC's on investment properties. The rates are a bit high, but for me my numbers still worked. I did 2 heloc's for $45k and 50k without much problem. I'd give them a call.

-Matt

@David Johnson I am in Broward also and was searching for months for local branches to utilize for a HELOC. Most of the local banks were closed or just never returned my phone call. It was during the height of the pandemic so that might have played a role in my experience. I ended up going with PNC Bank who had the best rates and terms at that time. The process was straight forward and the branch I used (Nova and University Drive in Davie) was very responsive to any questions.

I used PenFed as well. Best deal I found. I found that many big banks stopped offering HELOCs last year unless your primary loan was with them. I also tried with Brightstar Credit Union locally but their appraisal came back too low (desktop versus in person so my rehab updates weren't considered). They also weren't the best to communicate with but this was during quarantine so maybe its improved. 

Great info so far, thank you @Matt Nico , @Mike Barone , and @David Collier Jr . I have also found that big banks aren't offering HELOCs as much anymore. I'd like to stay as local as I can. 

@David Collier Jr how has your experience been with PenFed so far? 

What're peoples opinions on fixed vs variable rates? If you do have a variable rate, what the highest your rate as increased to?

@David Johnson PenFed was fine. All electronic. Actually closed it while on vacation. The rep I dealt with was young but thats to be expected. I went fixed rate. Depends on how long you want to keep the line open I guess. Shorter = variable OK in my opinion. 

@davidjohnson yep Luis helped me out too. If you do decide to go with PenFed let me know why you decided to choose them. I would like to know your experience as I have heard good things about them also.