Shopping for a home equity loan - got a lead?

[cantdrv55]

I should've pulled the trigger on the 30 yr home equity loan I was interested in that was only 5.99% fixed. Now, it seems no one is offering 30 yr loans and the best 20 yr loan rate I've seen so far is 6.99% fixed. If you know of a good rate on a 30 yr, please let me know. I've got remodeling contractors to pay soon. Thanks.

[RANDY P]

6.99% on a fixed 2nd - that's a pretty good rate actually. Don't look too hard, and pay attention to how much you're paying in up front points - all this said without knowing the actual scenario so buyer beware.

If you have a Key Bank in your area, or Chase bank, or even US Bank are decent sources for HELOCS.

Now, one thing - HELOC's are typically month to month adjustable rates with no real interest adjustment caps - they can get nasty pretty quick. If you intend on carrying a balance you're in fact better off on a fixed note. I wouldn't reccomend a HELOC right now unless you need the flexibility of drawing money as you go.

rjp

[cantdrv55]

No HELOC for me. I know how much I need so I want to go fixed at 20 - 30 yrs.

Yeah, I might miss out again if I don't move on the 6.99%.

[RANDY P]

30/ Par - meaning at wholesale the bank will not pay rebate and typically you have to pay a point or two to this rate is around 6.5% on a first - can't beat that. at 6.99% I'd be all over it for a 2nd.

rjp

[cab83_750]

If you are in Kali, I find them to be good and the 'actual rates' are lower than what is posted in their web:

http://www.g1homeloans.com/realestate/rates.asp

[KFC911]

Have you considered a credit union? From my experience, banks have never competed with them on loan rates.

[onewhippedpuppy]

How about Countrywide? I hear they'll give a loan to anybody!

[Rick Lee]

If you have USAA for your insurance or even bank, they offer pretty good HELOC's and even discount the rate for applying online. I think my closing costs were around $200 for recording fees only. They covered the rest.

[TerryH]

I've had good luck with Etrade bank in the past with a home equity line. YMMV. If you're looking for a second, talk to your current lender. Might save some costs....

[Type911]

Originally Posted by RANDY P

at 6.99% I'd be all over it for a 2nd.

rjp

Agreed that is real good for a fixed HELOC

[renaissanceman]

Countrywide is the strongest right now, the subprime market has some banks out of the mortgage business like capital one as well as pure play mortgage companies,the largest just folded. anyway, countrywide just got a consortium of 11 institutions to invest $11B plus bofa just invested $2B for 5%. they also have the volume to repackage and sell the loans to fannie mae so they dont end up holding it in their portfolios plus they are guranteed by the govt. so lots of cash, low risk, high profile

[NICKG]

My wife and I are doing a second mortgage now, we are taking 30000 out..15 years, best rate we got was 8.99%. I have found that even though our credit reports show both of us well over 700, the banks have us (my wife in particular) scored 60+ points lower. I don't understand that one. my fico is MUCH higher than my wifes as well (100+ points)

[Moneyguy1]

First Magnus...

OOps...forgot....They just laid off 95% of their employees....

[hytem]

6.99/20 is a good rate. make sure no prepayment penalty, other fees.