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 Who has the best rate for a line of credit? View next topic
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mbrownkc
Flash in the pan


Joined: 05 Jun 2007
Posts: 77
Location: kansas City

Who has the best rate for a line of credit?
PostPosted: Tue Jul 27, 2010 3:46 pm Reply with quoteBack to top

Looking for a line of credit on a free and clear home. Right now the best I can find is with US Bank with a rate of Prime + 1.5%.

Any one now of one better? It will be a first mortgage.

Thanks.

Mike
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I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: Who has the best rate for a line of credit?
PostPosted: Fri Sep 24, 2010 2:51 pm Reply with quoteBack to top

Local Credit Union is your best bet.

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DioneOkeson
Dud?


Joined: 10 Jan 2011
Posts: 1

Re: Who has the best rate for a line of credit?
PostPosted: Mon Jan 10, 2011 9:05 am Reply with quoteBack to top

1.5% interest is very attractive! The lowest interest rate I got was 3%. Can you please refer me to that loan company as soon as possible.
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loanguy5472
Dud?


Joined: 22 Jul 2008
Posts: 9

Re: Who has the best rate for a line of credit?
PostPosted: Mon Jan 10, 2011 1:59 pm Reply with quoteBack to top

Dione - The rate was not 1.5%, it was prime + 1.5%. Prime is somewhere in the neighborhood of 3.25%, so 150 bps above that would put the rate at 4.75%. I agree w/ I Like 2 Mortgage in that your local credit union is probably your best best.

Good Luck
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suzyQ
Wrecking crew


Joined: 13 Feb 2008
Posts: 1905

Re: Who has the best rate for a line of credit?
PostPosted: Mon Jan 10, 2011 11:55 pm Reply with quoteBack to top

I have a client who obtained a heloc through his State Farm agent @ 3.25 - these are all adjustable mind you. However - it did screw him up because they would not subordinate for the first 12 months regardless of his 65% CLTV and he lost out on locking into a 15 yr fixed on his first.

Although the free on a heloc is very attractive unless they plan on paying it off very short term why not look at the 5/1's or fixed?

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