HELOC rates in Minneapolis

Investor-friendly agents in Minneapolis, MN

See the agents BiggerPockets members work with in Minneapolis, MN.

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Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
8y
First year as low as 3.9%. The second year I think it jumps to 7% or so. I’m getting one right now from US Bank.
[email protected]512-888-9122
The Moorhead Team5142 Reviews
WebsiteView Page
3Reply
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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y
    First year as low as 3.9%. The second year I think it jumps to 7% or so. I’m getting one right now from US Bank.
    [email protected]512-888-9122
    The Moorhead Team5142 Reviews
    WebsiteView Page
    3Reply
  • Jon Maguire
    Minneapolis, MN · Member since 2016 · 2 posts · 2 votes
    8y

    I used Alerus Mortgage and they gave my a 5% HELOC in June.

    1Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    @Tim Swierczek do you work with these?

    @Jordan Moorhead what loan to value are they using for that HELOC?

    1Reply
  • Dave Crussel
    OP
    Rental Property Investor · Minneapolis, MN · Member since 2014 · 95 posts · 53 votes
    8y
    Thank you for sharing. Any details on LTV and years?
    0Reply
  • Craig Fitzsimmons
    Investor · Victoria, MN · Member since 2016 · 93 posts · 31 votes
    8y
    I just did one on my primary through US Bank and they did 90% LTV at 5.5%. First 6 months it’s much less, I think around 2.5%.
    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @John Woodrich they'll go up to 90% LTV.

    [email protected]512-888-9122
    The Moorhead Team5142 Reviews
    WebsiteView Page
    2Reply
  • Account Closed
    Rental Property Investor · MN · Member since 2015 · 186 posts · 149 votes
    8y

    I believe Wings Financial FCU has best rate and term. 

    1Reply
  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    @Jordan Moorhead call me Monday. I can get you much lower for the second year. Great LTV too.

    1Reply
  • Dave Crussel
    OP
    Rental Property Investor · Minneapolis, MN · Member since 2014 · 95 posts · 53 votes
    8y

    @Tim Swierczek I'll be calling you as well.

    1Reply
  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    @Dave Crussel. Thanks my number is in the signature.

    0Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y
    Originally posted by @Tim Swierczek:

    @Dave Crussel. Thanks my number is in the signature.

    Just a heads up but your number is no longer in your signature..

    0Reply
  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    Thanks @John Woodrich did BP recently Update?  I didn't make any changes.

    0Reply
  • James W.
    Minneapolis, MN · Member since 2017 · 353 posts · 223 votes
    8y

    80% LTV Helocs can be had for around prime-4.5%, if going higher, it will likely be closer to 7% or so though depending on the lender. My credit union union offers a 100% LTV home equity loan product (not HELOC) at 6.99% but it it is only a 10 year amort. Their 15 year version is pretty much like getting an unsecured loan.

    1Reply
  • Jared LaLonde
    Investor · Minneapolis, MN · Member since 2012 · 30 posts · 10 votes
    8y

    Currently have 5.75 for Trustone Heloc.   

    0Reply
  • Dave Crussel
    OP
    Rental Property Investor · Minneapolis, MN · Member since 2014 · 95 posts · 53 votes
    8y

    I ended up with Alerus @ prime.  Julie Stewart is a great contact there.

    0Reply
  • Luke Bolton
    Minneapolis, MN · Member since 2018 · 7 posts · 3 votes
    8y

    I have to agree with @Account Closed, I got my best HELOC rate this month at Wings Financial FCU based on Prime + nothing for 80% DTI, and they have a 90% DTI option as well.

    Add to that, the fees were super low. Got a free electronic appraisal on my home, and the origination fees were only $37.00 on a $35K HELOC. Just saying, check out Wings!

    0Reply
  • Joseph Lee
    Rental Property Investor · Minneapolis, MN · Member since 2016 · 60 posts · 30 votes
    8y

    Can anyone suggest a lender in the metro that will do a HELOC on a non-owner occupied property? We were looking to get a HELOC while our current house-hack was still owner occupied, but we may be hopping on to our next property a little too quickly to make that work. @Tim Swierczek, is this something your team offers?

    Alternatively, have any of you found any good unsecured loans as an alternative or in addition to a HELOC?

    0Reply
  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    @Joseph Lee I used to have a lender that would go to 90% LTV, but that was short lived. The best I'm aware of is 75%. PM me if that will work for you.

    0Reply
  • Nate Lansing
    Minneapolis, MN · Member since 2018 · 1 post · 0 votes
    8y

    Anyone know of a lender who will do a HELOC at 50% debt to income?

    0Reply
  • Shelly Sampers
    Saint Paul, MN · Member since 2018 · 5 posts · 0 votes
    8y

    We just got one at US Bank.  4.75% with a checking account.  No fees!

    0Reply
  • Jacobus Rex
    Saint Cloud, MN · Member since 2017 · 38 posts · 5 votes
    7y

    @Shelly Sampers @Luke Bolton @Dave Crussel @Jared LaLonde @Tim Swierczek @John Woodrich  You guys are using these to do deals right?  Sounds like the cheapest money available.   

    I'm calling out a bunch of you. If that's against the rules, let me know.   Thank you. 

    Jim in St. Cloud.

    0Reply
  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    @Jacobus Rex only on my primary residence. The LTVs are to restrictive on non owner occupied properties to make sense.  I use amotorized portfolio loans in that case.

    0Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    @Jacobus Rex I don't have a personal HELOC anymore but I do have a business LOC on a property I own free and clear. 75% LTV, prime + .5%, interest only payments. Works great for construction projects.

    LOCs are nice because they don't have a lot of closing costs and you don't have to borrow the money. Many people complete a cash out refi but I like the LOC option.

    0Reply
  • Greg Schuricht
    Accountant · Minneapolis, MN · Member since 2018 · 81 posts · 21 votes
    7y

    @John Woodrich Can you say who your lender is for the business LOC?

    0Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    7y
    Originally posted by @Greg Schuricht:

    @John Woodrich Can you say who your lender is for the business LOC?

    Message me.  It is a bank that my brother and I have been working with for 10+ years so that may be part of it also.

    0Reply
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