Looking for Second Lien Lenders

3 Replies

I closed on a HELOC on my primary residence last week with Bank of Texas. They required some paperwork, income verification, insurance etc. but overall it was a pleasant experience with no hiccups and no closing costs. No money out of pocket until I hit the cash line. Their HELOC rates right now are prime + 0.50% (so ~ 5.5%) with a 12-month promotion around 3%. You also have the opportunity to smart lock portions of the loan at a fixed rate up to 3 times if prime starts to float up. As portions of the loan or smart lock are paid off you can do it again.