Chicago, IL · Member since 2016 · 37 posts · 2 votes
Afternoon BP!
I'm looking to take out a HELOC on my primary residence. I've been reaching out to smaller local banks, but thus far, the few I've contacted only offer 80% LTV. If anyone has any leads on local banks or credit unions in Chicago or surrounding suburbs that offer 90%LTV for a HELOC, I'd greatly appreciate any leads.
Chicago, IL · Member since 2016 · 37 posts · 2 votes
9y
Thanks for the replies..
@Keith Ellis I applied with US Bank for a 20K HELOC. They sent me a letter with a offer of 15K instead. Letter stated for me to go to my local branch to accept the offer. Went into the branch, they look up my loan number, and it had been "overturned", so they won't honor what they approved me for after a 30 day process of submitting every doc they requested. I'm perplexed by this whole ordeal. was hoping a smaller local back would be bit more personable through the process.
Chicago, IL · Member since 2016 · 172 posts · 38 votes
9y
First Midwest*
Byline Bank
First Eagle
We've talked to several credit unions in the past and they will do 90% as well.
Some also say they will do 90% but then depending on property value that might change (*First Midwest) or they will go to 90% but max line cannot exceed a certain amount. Best to have all your numbers (credit score included) to describe a scenario to a banker.
Rental Property Investor · Chicago, IL · Member since 2015 · 31 posts · 26 votes
9y
When I was in the market for a HELOC in 2015 I came across a few that were doing 100% LTV if it wasn't a condo, I believe US Bank was one as well as some CUs that had easy ways of becoming a member
I ended up going with First Midwest because I do have a condo, but now that it's Huntington I'm not sure if they're still in that game
I'm looking to take out a HELOC on my primary residence. I've been reaching out to smaller local banks, but thus far, the few I've contacted only offer 80% LTV. If anyone has any leads on local banks or credit unions in Chicago or surrounding suburbs that offer 90%LTV for a HELOC, I'd greatly appreciate any leads.
I recently closed(2 weeks ago) a HELOC at 90% LTV with Fifth Third.