What HELOC rates are you all seeing out there in MN?
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.
I used Alerus Mortgage and they gave my a 5% HELOC in June.
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%.
@John Woodrich they'll go up to 90% LTV.
I believe Wings Financial FCU has best rate and term.
@Jordan Moorhead call me Monday. I can get you much lower for the second year. Great LTV too.
@Tim Swierczek I'll be calling you as well.
@Dave Crussel . Thanks my number is in the signature.
Thanks @John Woodrich did BP recently Update? I didn't make any changes.
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.
Currently have 5.75 for Trustone Heloc.
I ended up with Alerus @ prime. Julie Stewart is a great contact there.
I have to agree with @Pavel Ushakov , 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!
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?
@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.
Anyone know of a lender who will do a HELOC at 50% debt to income?
We just got one at US Bank. 4.75% with a checking account. No fees!
@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.
@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.
@John Woodrich Can you say who your lender is for the business LOC?
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