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Home equity loan vs line of credit
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Home equity loan vs line of credit
Need advise on which is better
We want to do some renovations and pay off some cc. Any advise would be appreciated
Thanks
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Posted 8/17/15 7:38 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Home equity loan vs line of credit
I prefer lines of credit. If I am going to go through the entire process of borrowing against my equity, I would rather have a line of credit established so I can reuse down the road.
Apply for the max allowed by the bank while you are at it and only withdraw what you need. The equity is yours so you might as well have access to it if you want and it puts you in a stronger position and puts the bank in a weaker position.
Just realize many banks require the line to be open for 2-3 years to avoid penalties/closing costs so make sure you aren't selling in he near future.
Message edited 8/18/2015 8:18:03 AM.
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| Posted 8/18/15 8:17 AM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: Home equity loan vs line of credit
Thanks for the info. Any suggestions on a good bank to use at this time
my mortgage is currently through chase
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| Posted 8/19/15 11:28 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Home equity loan vs line of credit
The bank with the lowest interest rate. Usually for HELOC they charge prime plus a specified amount. Mine is with NEFCU. They gave me a great rate. Their process to apply was a process though. Their initial appraisal came in way low so I had to fight them to do a real appraisal.
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| Posted 8/19/15 2:09 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: Home equity loan vs line of credit
We have our line of credit through TFCU. We had 1.99% for 2 years, prime +0 for life. Whole process was very quick and easy.
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| Posted 8/24/15 10:54 AM |
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luvmykids
LIF Infant
Member since 6/10 122 total posts
Name:
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Re: Home equity loan vs line of credit
We just got a heloc through Bethpage Federal Credit Union. 2.49% for 2 years then prime after :)
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| Posted 8/24/15 6:55 PM |
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Mrs-K-2010
LIF Infant
Member since 11/10 297 total posts
Name:
Ashley
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Home equity loan vs line of credit
You will get a better rate with a credit union than you will from a commercial bank.
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| Posted 8/24/15 8:09 PM |
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