All Forum Posts by: Mona V.

Congrats for paying off your primary home!! I would advise to shop around with your local credit unions and local banks. Call up any of those lenders and ask them if they have a deal going on for HELOC. These are the basic things lenders would differ in -

- interest rate : Your interest rate will probably be structured around the prime which is 3.25% right now.

- maximum amount of your house equity : How much of your equity would they let you take out, and if their interest rate differs for different amounts. 

- closing costs : if the bank would pay for the closing costs. It is generally much lesser than the closing costs you would pay if you refinance. 

- payable date  :  ask them when would the loan would have to be payable if you are doing an interest only loan. I did an interest only loan to increase my cashflow, another option you can explore if it suits your needs.

You will get better deals with the local banks. Every bank is different so ask in detail. 

To give you an example Coastal Federal in NC offered prime + 0,25 = 3.50% interest rate upto 50% of house value, 4% for next 50% to 70%, and I believe 5 or 6 for upto 80% of house value. They would cover all the closing costs. 

On other hand Bank Of NC had a special going on for 2% interest rate upto 85% of the house value for one year, and prime rate (3.25%) after one year for the rest of the life of the loan. They would not pay for the closing cost which was around 400$-500$.

I hope this gives you some information to get started. 

Good Luck!

Thanks Art, Ryan, Paul. I made it through BiggerPockets Ultimate Beginner's Guide today, its pretty good.  I'll check out the other links too!

Thanks Michael! I signed up just in time I guess :) I'll be there tomorrow...

I'll be there. Thanks!

Thanks James!

Hi,

I just joined biggerpockets today and they has sent me a link to their free e-book - "BiggerPockets Ultimate Beginners Guide to Real Estate Investing". I just finished reading it, its a very high level view but very good info and also has a separate chapter for financing, that might be a help to you. I am pasting the link below -

https://www.biggerpockets.com/toolkit

Good Luck!

Hi All, My name is Nirbhee Verma, pretty much a newbie to real estate investing. I have a full time job as a Computer Engineer, I love my job, but I am also looking to learn and invest in other areas which interest me - like real estate. I currently own two properties and I have made some mistakes in the process :) equipped with half knowledge. 

I went to my local investor club meeting and came learned about BiggerPockets from one of the experienced investor I was talking to. I am hoping to expand my portfolio to include more rental properties (single family or multifamily) and not make the same mistakes again :). I joined BiggerPockets to learn, educate myself and also be a part of the community of the people with similar interests.

Thanks for reading and have a great day!!!