Been looking to get a non-owner occupied HELOC and would love to find one (wouldn't we all) that will go to 80% LTV. I've been looking and it sounds like maybe PenFed has a similar product so I'm going to call them, but before I do that, would like to ask for local experience...
Anyone have any luck in Oregon with local credit unions or lenders doing 80% (or even 75%) on a NOO LOC?
Bank of the West does a 70% LTV. I have one of those right now.
I have a line at First Tech went easily after BA hassle. Only about 25% though. No appraisal. Did not ask for more.
Thanks Chris and Jeff!
I’m not opposed to calling around, but figured it would be easier with a head start on which to call first!
Matthew, i got one through Trailhead CU. Happy to share the LO's contact info.
I think all the credit unions have them.. I know on point does. what LTV dont know.
but careful not to over leverage yourself.
I want to make sure I have the funds on hand through a HELOC so I can move on opportunities as I can, but not have the guaranteed hit from a cash-out refi. I like the flexibility. Saw what over-leverage did to others 10 years ago and looking to avoid that for myself and my clients.
Did you find one locally? Any recommendations?
Although I'm sure it's out here in Portland, I didn't find it! I keep my ear to the ground and continue to ask and call around. The best bet seems to be PenFed.
@Mathew Wray I know Clackamas Federal Credit Union does at 75% - it's their RELOC product. However, the draw and payback periods are VERY short. Something like 2 years if I recall correctly.
That's great to know Kory, thank you! 2 years doesn't give a ton of time to recover if something goes wrong and you have to go to plan B, but 75% and local is pretty nice.
You might try KeyBank. Also, PenFed is great I am have been a member since college when I worked at their call center in Eugene.