HELOC rates in Minneapolis

27 Replies

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.

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.

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?

@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.

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