HELOC rates in Michigan
7 Replies
Kenneth Appel
posted about 1 year ago
Hi. I'm currently applying for a HELOC at 95% LTV with a 10yr draw and 20yr repayment for $54k. The rate is 8.01%.
I've called around to a bank and credit union. Neither would provide 95% LTV, but the rates were in line with the lender I'm currently going with at lesser LTVs.
I've had trouble finding other 95% LTV options and I do not want to submit my information all over the internet to simply get an answer on 95% LTV and rates.
Does this seem like a reasonable rate at those terms? I'm thinking it is and have started to move forward on it. Thought I would make my first post here and ask the experts.
Thanks
Tim Swierczek
from Saint Paul, Minnesota
replied about 1 year ago
@Kenneth Appel I’ve seen 95% HELOCs in primary residences at 6.167% just this month.
Charles Kao
Specialist from Grand Rapids, MI
replied about 1 year ago
Most of the banks and credit unions that lend 90-100 LTV are super conservative on appraisal so back to typical 80 LTV anyways. What is the seasoning on the primary and do you have very clear comps?
Jabari Long
Real Estate Broker from Detroit, MI
replied about 1 year ago
@Kenneth Appel 8%+ is high for HELOC's even its NOO. Also 95% LTV is a lot of leverage and is not readily available in the marketplace. I'm in Michigan too. Let me know if I can make some introductions to my lending contacts.
Joshua B.
Professional from Plymouth, Michigan
replied about 1 year ago
I've currently got a 4.49% HELOC rate through a Michigan based credit union.
Faith Steller
Realtor from Lansing, MI
replied about 1 year ago
I've seen 5.5% at local Michigan credit unions but I believe that is at 80% loan to value not 95%.
Patrick Squires
Investor from Oxford, Michigan
replied about 1 year ago
Thanks for sharing - what was the appraisal process/fees if any and was it anywhere close to what you feel the prop was worth? Thanks! Really appreciate-
Jake Reed
Real Estate Investor from Idaho Falls, Idaho
replied 10 months ago
Anyone know of a lender who will do a HELOC on NOO in MI with a fairly easy income verification?