I am interested in a home equity loan, where do I start?

Asked by RhondaJohnson

5 Answers

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Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
Rhonda, thanks for the question. I would recommend beginning with contacting the bank you have your checking/savings accounts with. I would also suggest contacting the local credit unions or smaller local banks in your area for options. Your fees should be zero (or close to this) and the rate will likely be variable (prime rate + a margin of 1-2%). You will need a minimum of 10% equity in the home, your credit scores will need to be >700. Does this help? | 04.18.16 @ 19:45
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 23:14
Answered by Cindy Yamada Thomas, Financial Adviser in Salt Lake City, UT
Morgan Stanley does mortgage loans with attractive rates.
I would be happy to get a quote for you. Contact me through my profile. | 04.19.16 @ 20:20
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 23:14
Answered by Pouyan Broukhim, Mortgage Broker in Los Angeles, CA
CitiBank is offering lines of credits or you could your local credit unions. | 04.19.16 @ 20:30
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 23:14
Answered by Wendy Britton, CFP®, Financial Adviser in Bellevue, WA
Charles Schwab Bank has the lowest origination fee of any bank I have seen, contact me via my profile if needed. There are no hidden points or teaser rates either. All 50 states are covered. | 04.19.16 @ 20:54
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 23:14
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Rhonda

There are really three types of home equity loans:
1) Home equity loan - This is a good option if you want to keep your existing mortgage and prefer to receive the cash in a lump sum.
2) Home equity line of credit (HELOC) - This provides the flexibility of having access to cash, but not paying interest until you actually withdraw it.
3) Cash-out refinance - If you’ve built a lot of equity and want to refinance your entire mortgage, this is a good way to get it.

There are pros and cons plus many variables that go into each of these options. Generally, a good place to start is with the firm that currently has your mortgage. Get together with a qualified mortgage broker that is knowledgeable about these lines of credit and discuss your situation in greater detail. Always do what is in your best interest.

Feel free to contact us directly for more information. No obligation.

It’s not what you make, It’s what you keep that determines your lifestyle.
| 04.20.16 @ 04:06
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 23:14
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