Which HELOC provider do you recommend?

I have $275K in equity on a $650K home and am looking to add an addition so my mother can move in with us.

We plan to stay in the home another 5-8 years.

Asked by Jenna

2 Answers

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Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
jenna - thanks ...what is approx cost of addition ?

2 option you can consider :

1) a simple HELOC ( home equity line of credit ) ..this is a 2nd mortgage and works like a credit card ...use the funds when you want ...pay interest only ( or more ) ...pay down / payoff ...and then you can reuse the line as needed ...great for remodeling project financing

2) do a cash out refinance ...replace the present 1st mortgage with a new higher amount 1st mortgage and access the cash needed this way ...if your terms on present loan are great - this isnt the best option | 01.16.15 @ 21:10
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:31
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
I would recommend contacting your own bank first and then some smaller local to you credit unions ...not sure if BECU is in CA in your area ...but you might check them out :) | 01.16.15 @ 21:11
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Jenna — Thank you, David I'll check in with Wells Fargo... | 01.16.15 @ 21:18
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:31
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