HELOC Lender Recommendations

[Mike Amann]

Can anyone recommend a great option for a HELOC lender in the Charlotte area? I would be getting this setup based on my primary home.

Is it better to align with a local Credit Union for this like Truliant or go with a big bank (BoA, Wells Fargo, etc.)? 

Thank you for any insight to share! 

[Kevin Romines]

2 of the best HELOC's out there are Quorum FCU or PenFed FCU. They are really great because they will do things other HELOCs wont at much higher CLTV's. They will also do HELOC's on Rental properties. Quorum will go up to 80% on those and do as many as 10 properties.

PenFed will also go up to 80% on rentals, but will only do a HELOC so long as you own no more than 4 properties. On owner occupied, PenFed will go to 90% and Quorum can go to 95%.

I hope this helps?

[Mike Amann]

@Kevin Romines  yes that definitely helps! I am going to take a look at both now. Thanks! 

[Amy Shutes]

@Mike Amann

Hi Mike,

This is who I would recommend for a HELOC below. If you need a realtor in the Charlotte metro area I would be happy to assist with that as well.

Jeff Collins

First Citizens Bank

704.338.3984

[Mike Amann]

Thanks @Amy Shutes! I'll touch base with Jeff and I also just sent you a PM. 

[Wes Brody]

I would recommend the GMG All In One.  

-A online bill pay checking account is integrated for maximum interest savings. 

-Its a first lien HELOC, so more secure than second liens that were frozen circa 2008.

-Rate is lower than the BofA option I looked at, but I will look again.  My rate is ~3.8% right now and I selected the highest 'rate margin' option to save on fees.

[Jim Kittridge]

I spoke with the ones mentioned, but found a better one locally. I opted for a 2nd position HEL, 2.99% fixed for 20 years with a $400k max HEL. They had slightly better HELOCs, but I prefer to fix the rate.

[Kerry Baird]

@Wes Brody, are you using this product for your personal residence or for a rental house?

[Terry McDonald]

Quote from @Jim Kittridge:

I spoke with the ones mentioned, but found a better one locally. I opted for a 2nd position HEL, 2.99% fixed for 20 years with a $400k max HEL. They had slightly better HELOCs, but I prefer to fix the rate.

 fixed rates looking great now.

[Juliana Molina]

Quote from @Jim Kittridge:

I spoke with the ones mentioned, but found a better one locally. I opted for a 2nd position HEL, 2.99% fixed for 20 years with a $400k max HEL. They had slightly better HELOCs, but I prefer to fix the rate.

 Jim, would you mind sharing what bank was that? Thanks! 

[Andrew Gordon]

Quote from @Jim Kittridge:

I spoke with the ones mentioned, but found a better one locally. I opted for a 2nd position HEL, 2.99% fixed for 20 years with a $400k max HEL. They had slightly better HELOCs, but I prefer to fix the rate.