For the longest time, HELOC was prime -1% to -2%.
Lately, all I hear is prime. Are lenders shying away from HELOCs?
So post your rate, when you got it and with which bank. Love to see the result.
Registered User
HELOC - what's your rate?
For the longest time, HELOC was prime -1% to -2%.
Lately, all I hear is prime. Are lenders shying away from HELOCs?
So post your rate, when you got it and with which bank. Love to see the result.
Last edited by Xtrema; 04-08-2008 at 10:03 AM.
Registered User
I've been wondering the same thing. Last time I was in the bank they were quoting prime -1% in December.
Beyond Bully
Prime
How did you score prime -1 --> 2%?
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Registered User
Mine is at -1% with TD and was set up about 2 years ago. Didn't even have to bargain for it.
My buddy who he set up about 7 years ago was -2% (don't know if he's BSing me thought because he's the ONLY one I heard with -2%)
Does FICO score affect HELOCs? It shouldn't.
Guest
I got -1.5% and that was about a year ago. It took a bunch of negotiating to get that.
TD at the time was offering -1% for anyone. My bank beat it by 1/2% to get my business.
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
Beyond Bully
Damn it! I got the shaft by my buddy then. I got mine set up a year ago and he waived the legal and appraisal fees so I saved around $500. He couldn't get a lower rate because he would get in trouble from his manager. I would rather have the prime < 1-2%.
Is it possible to renegotiate your rate or cancel and get a lower rate through a different bank?
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Beyond Bully
I don't see why it should affect it unless you are trying to get up to 90% of the home's value but I think that's more directed towards pulling equity out rather than HELOCs.Originally posted by Xtrema
Mine is at -1% with TD and was set up about 2 years ago. Didn't even have to bargain for it.
My buddy who he set up about 7 years ago was -2% (don't know if he's BSing me thought because he's the ONLY one I heard with -2%)
Does FICO score affect HELOCs? It shouldn't.
AFAIK, 65% automatic for HELOCs
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Guest
I didn't have to pay legal and appraisal fees either. But I was moving a lot of money around, as well as consolidating all my loans/LOC's to make things easier to manage and prepare to buy a vacation home, so I got offered a good rate.
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
Registered User
Where did you go where you didn't have to pay for legal and appraisal fee's? I wanted to set one up with TD, and they wanted to charge me $600+ dollars just for those services....Originally posted by rage2
I didn't have to pay legal and appraisal fees either. But I was moving a lot of money around, as well as consolidating all my loans/LOC's to make things easier to manage and prepare to buy a vacation home, so I got offered a good rate.
Registered User
The key is "moving a lot of money" around. The more money the bank can make, the more service they can give away for free.Originally posted by liquid1010
Where did you go where you didn't have to pay for legal and appraisal fee's? I wanted to set one up with TD, and they wanted to charge me $600+ dollars just for those services....
Registered User
Originally posted by liquid1010
Where did you go where you didn't have to pay for legal and appraisal fee's? I wanted to set one up with TD, and they wanted to charge me $600+ dollars just for those services....
My bank offered to waive the legal and inspection fees during a mortgage renewal. Always a good idea to play when the ball is in your court.
Registered User
My bank also waived all fees associated with the HELOC.
They were the ones trying to get me to apply for the HELOC, and I agreed. Once I found out there were fees involved, I told them I was no longer interested and they waived everything.
Mine is at prime minus 1%. I had no idea you could negotiate on the interest rate or else I would have tried.
pacman
Registered User
Really, my banker did'nt seem to want to sell me a heloc at all. Tried to talk me out of it actually.Originally posted by Pacman
They were the ones trying to get me to apply for the HELOC, and I agreed. Once I found out there were fees involved, I told them I was no longer interested and they waived everything.
pacman
Registered User
What are the advantages to a HELOC over a regular LOC? Aside from getting a good interest rate under prime... Sorry if this is a stupid question, I am a newbie at these things and am learning a lot lately. Im gonna Google this as well.
Registered User
Better interest rate is the only benefit. The negative is that they put a lien on your house for the full amount of the HELOC. A few people that I know with fully paid off houses don't have one for that reason.
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