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

@Kenneth Appel I’ve seen 95% HELOCs in primary residences at 6.167% just this month. 

@Kenneth Appel

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?

@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.

I've currently got a 4.49% HELOC rate through a Michigan based credit union.

I've seen 5.5% at local Michigan credit unions but I believe that is at 80% loan to value not 95%. 

@Joshua Birk

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-

Anyone know of a lender who will do a HELOC on NOO in MI with a fairly easy income verification?