H.E.L.O.C. -- Who's got 'em?

[RiverForUs]

It's now time to secure the funding for the river house. I know there are several mortgage people here on the boards so who's got the best deal? I've always gone direct and never used a broker b/c one way or another I am paying for it.
Should be able to get what I need with a 70% LTV. Last time I checked my (and my wife's) FICO scores were 785 or so. Please PM or e-mail me with some info on fees and such.
Thanks, RFU (John)

[Essex502]

If you "river house" is in Havasu - talk to Debbie Oster at River Valley Mortgage (928) 854-5363. None more knowledgable or better, period. Debbie has handled two of my loans so far and soon a third.

[welk2party]

I am in the biz, and I reccomend you call Chase. They have some of the best HELOC products. You can pretty much go to any bank and get one for free with a great rate.

[BIGTYME]

With those credit scores, the best companies on earth should be knocking down your door trying to give you money for free.
EXACTLY!!! I'm in the business also and you would be shocked and how many people have 450 - 500 credit scores. You are in control with 70% LTV and a credit score that high!
Good Luck!

[SPECTRABRENT]

I am a mortgage broker and if you are going to get a HELOC go to WAMU.
No fees & PRIME + 0.
I just got mine and it took about 10 days.
Brent

[flat broke]

I'm with Brent, go direct to the bank. Wells and Washington Mutual both have no closing cost HELOCs at prime +0%. So you'd be looking at 4.75% here at the end of the month when Greenspan ups the prime rate another .25. National City Bank can get you in on a low cost line (you pay your own 3rd party expenses:escrow, title, etc.) and can get you in at prime -.25 for the life of the loan, or a no closing cost line at prime -1pt for 6mos, then prime +0 thereafter.
One thing to check wherever you go is to make sure that you are getting a 10yr draw and a 10 yr repayment line vs. a 10 yr balloon line. Wells just did away with their 10 yr ballon line, but there are still a couple others out there.
Good luck with the new house purchase,
Chris

[totenhosen]

Just go to bankrate.com you'll ahve a bunch of different products/companies to choose from. I suggest etrade.com. No cost or fees, it took 7 days and I got it a prime + 0.00

[Sleek-Jet]

I am in the biz, and I reccomend you call Chase. They have some of the best HELOC products. You can pretty much go to any bank and get one for free with a great rate.
Hey W2P, remember us talking about my brother wanting to refi his house?? Well, the other company flaked (literally, couldn't get call through, then the # was disconnected, finally tracked the guy down through his cell phone on a Saturday), so he told them to get bent. Now he's looking for someone else, wondering if maybe you could help him out?
PM me your info and I'll pass it along, thanks.

[TrojanDan]

Sorry Essex 502. Debbie is the shiznit when it comes to mortgages (she's done two of mine) but I don't think anyone can beat WAMU's home equity line deal. I did my entire application over the phone with some WAMU dude from the Washington State area. He pulled up some comps. from the computer for my home's value (close enough for the amount I wanted), made an appointment for a notary to come to my office to sign the papers, and had a check within two weeks. The only thing I paid was $5 because I wanted my check overnighted after the three day rescission period was up.
Prime + 0% Baby!

[Havasu_Dreamin]

EXACTLY!!! I'm in the business also and you would be shocked and how many people have 450 - 500 credit scores. You are in control with 70% LTV and a credit score that high!
Good Luck!
So my 790 is a pretty good score then?

[dicudmore]

So my 790 is a pretty good score then?
are you trying to rub it in? :D

[RiverForUs]

I am a mortgage broker and if you are going to get a HELOC go to WAMU.
No fees & PRIME + 0.
I just got mine and it took about 10 days.
Brent
Sounds like I may be calling WAMU tomorrow. A little more info on my situation:
I own a lot outright in Bullhead up the street from ShockwaveTom. I have a deposit with a builder (Ar-Cal) and a start date of this October 18th. The builder doesn't require any funds up front to get started; the first draw is after grading and septic. There will be 4-5 draws total with the balance due upon completion (4 months.)
Basically, I will be using the H.E.L.O.C. as a construction loan and will pay it off with a 30 year fixed after completion. Homes in my neighborhood have been selling for 550k-600k and I owe 160k so 70% LTV shouldn't be a problem. I just pulled out our last scores and I had 754 and my wife (although unemployed) had a higher score of 789. What kinda BS is that? :D No job or income but a higher score? :confused: I got dinked for not enough open revolving credit accounts. HUH?
Anyways,
Will WAMU still be the way to go?
There's no prepayment penalty is there?
When I looked into this a few months back, I believe E-trademortgage had a no-fee with an introductory rate of 2.99% for 90 days. This would take me almost all the way thru the build before it adjusts -- so maybe only 1 or 2 payments at the higher rate.
Am I missing anything?
Thanks for the input guys!

[Boozer]

Does a WAMU equity line have no closing costs?
Theoretically a person could take their first and put it into an equity line if they owed very little on a home worth a lot? I'm thinking this may be the best bet in the case of my father. The current 1st has 23,900 owed on it and the house is worth roughly 360K. So realistically a HELOC could be done and rolls the first into the HELOC meaning that the house would be financed at prime?
WAMU will give a HELOC of prime with A paper and and A paper isnt a problem in this case.

[NorCal Gameshow]

Does a WAMU equity line have no closing costs?
Theoretically a person could take their first and put it into an equity line if they owed very little on a home worth a lot? I'm thinking this may be the best bet in the case of my father. The current 1st has 23,900 owed on it and the house is worth roughly 360K. So realistically a HELOC could be done and rolls the first into the HELOC meaning that the house would be financed at prime?
WAMU will give a HELOC of prime with A paper and and A paper isnt a problem in this case.
even at prime it is adjustable...no big if the loan is small, can be a big deal with a large loan..
i read some literature on one of there heloc products, there was a 2% cash advance fee per draw :sqeyes: i asked a loan rep about it, she said she wasn't up on the helocs she would have to ask someone else about it :rolleyes:

[Boozer]

even at prime it is adjustable...no big if the loan is small, can be a big deal with a large loan..
i read some literature on one of there heloc products, there was a 2% cash advance fee per draw :sqeyes: i asked a loan rep about it, she said she wasn't up on the helocs she would have to ask someone else about it :rolleyes:
The loan is for only roughly 115K.
Problem is the remodel may come to 80K it may come to 100K still not sure so dont want to set a total amount to finance. Not to mention most everyone is talking around 3500 in closing costs.
When you do the HELOC it is not a locked rate when you get the loan? Meaning if greenspan goes to say 6.35% as prime then the heloc will be at 6.35%?

[flat broke]

The loan is for only roughly 115K.
Problem is the remodel may come to 80K it may come to 100K still not sure so dont want to set a total amount to finance. Not to mention most everyone is talking around 3500 in closing costs.
When you do the HELOC it is not a locked rate when you get the loan? Meaning if greenspan goes to say 6.35% as prime then the heloc will be at 6.35%?
Boozer, if the credit is good, and the LTV isn't crazy, paying 3500 in ccs is getting shafted pretty bad. If you want I'll cut you a nice deal on a HELOC and only charge 2k ;) :D Seriously you shouldn't have to come out of pocket for a decent credit HELOC at the LTV you're looking at. And yes the HELOC will adjust everytime the prime rate changes..... With exceptions.
Many lines - National City for sure, and I'm pretty sure WAMU as well, will allow you to set up fixed rate partitions. What these do is allow you to carve out a portion of the available line to be locked in at whatever the current rate offered by the bank at the time happens to be. An example would be that you had a 100k line, and were going to pull 50k out to do a remodel. Before you draw the 50k, you would call the bank and find out what the rate for a fixed partition would be. Then if that rate works for you, you draw the 50k at that rate, fixed for the remainder of the loan. Its a nice way isolate certain expenditures from a rising prime rate market, but the downside is that the rates are usually a little higher than what you could get a straight 20yr fixed first mortgage for.
Hope that helps
Chris

[Boozer]

So I did some homework and talked to WAMU.
Wamu says prime is currently 4% They are offering a special 90 day rate at 3.25% then the rate will go up to prime and stay with prime. They approved 216K without even appraising the house. Clsoing costs are $103. The loan will be closed and we can start spending by this time next wednesday. :)
WAMU is the sh*t.

[locogringo]

if you are getting a HELOC, for sure use WAMU. If it is a cash out dealio and refi on existing house, let me know. We can do mortgages in 48 states.
Daniel