I've got a client in College Station looking for a HELOC (or any other option for a renovation). I know they're not easy to get right now, and he doesn't like the current quote he has along with it being adjustable. Obviously, I can't give financial advice, so here I am. Feel free to respond or PM. TIA
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HELOC lenders
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Last: 1 mo ago by Anastasia Beaverhaven
Depending on their financial strength, a community bank may be willing to lend 80% or so on the loan to cost of the purchase plus renovation. It would just have to have the renovations included in an "as-completed" appraisal.
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assuming it is there primary residence they are looking to borrow against, they are actually not hard at all. Your best bet are your regional banks Like Frost, Prosperity, Amegy etc. but understand HELOC is an adjustable product. if they want to ask for a fixed rate second mortgage.
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Amegy is solid
Amegy next promotional rate should be in the coming months. Would set up a dialogue and tell them to let you know when the promotion starts.
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I have a HELOC through Amegy via jja79 just before he retired. Great process.
I did see that some folks are trying to get ahead of the refi boom and are offering HELOC's with teaser rates as low as 1.99% already:
https://www.firstnewyork.org/borrow/heloc/
Edit: I called and they don't do loans in Texas but I bet there are more out there that do
I did see that some folks are trying to get ahead of the refi boom and are offering HELOC's with teaser rates as low as 1.99% already:
https://www.firstnewyork.org/borrow/heloc/
Edit: I called and they don't do loans in Texas but I bet there are more out there that do
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Retired from Amegy recently. Called this morning and they may have an October promotion coming. Send me a PM if you want someone to call.
I've talked to jja79 about doing a HELOC. OP and anyone else, make this your first call.jja79 said:
Retired from Amegy recently. Called this morning and they may have an October promotion coming. Send me a PM if you want someone to call.
When I was considering it over the summer, the terms were pretty decent. Will be interested to see the terms this fall.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
- I Bleed Maroon (distracted easily by signatures)
What about a closed end second lien?
2nd lien fixed rate equity products exist for primary, secondary and investment properties. Caveat, I'm now a retired full time golfer but they did when i exited 2 and a half months ago.
Piggybacking off this thread. Anyone know of a good 1st year introductory rate for a HELOC?
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