its an entertaining view into the mind of an internet economist. who could resist such compelling content?
That’s the key to success in real estate.
Headline makes it sound rosier than it is.
Anyone have any lender recommendations and/or suggestions on HELOC vs a standard Home Equity loan? Im kicking the idea around and a refi definitely seems like a poor option since I’ve got a good rate on the mortgage. HELOCs don’t seem like a great deal at the moment given the current rates, as well as the variable portion of the deal, unless I’m missing something?
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You only pay interest on what you use. I’m in the process of getting a HELOC to take advantage of the elevated property values, my equity grew due to that. So I’m trying to lock in the value via a HELOC and leave it just in case I want to use it. We’ll see what rates will be later on
https://www.unison.com/how-it-works/
Is this type of stuff a good idea? It seems good if your house down in value ?
Local Banks and Credit unions usually have solid rates on these, as with anything shop a few and go to the bank or CU you work with already. HELOC variability (while “high” today) some economist predict a FED rate DROP in 2023 with an upcoming possible looming recession. Fixed rates could be higher but lock that in if we get another Fed hike in Sept (likely). Also depends what you need the money for. Lines can be interest only and allow pay downs and redraws. Loans are fixed locked in and once paid down they close. As I like to say if I knew where rates were really going I would be on my yacht in the Bahamas right now.
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So you’re borrowing money and sharing equity on selling? Almost seems like a reverse mortgage. The kid in me isn’t sure when this would ever make sense unless you’re old and trying to time death with bankruptcy. Or, like you said, if you bought a terrible investment property and want to share losses with a company who hasn’t done due diligence.
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That’s exactly what I did as well (opened a HELOC to take advantage of increased equity). I have a $100k line, though haven’t tapped it yet. Guess now that the IRA of 2022 is law, I can research what kind of energy efficiency upgrades may be beneficial to do now…
Same haven’t tapped , waiting for things to stabilize
But what’s the rate? It’s it floating along Prime + “something”?
Yeah, currently at 5.75%. gulp
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I loved SDFCU. 95% LTV on a primary residence multifam
I got the prime rate + 0 margin
somewhat unrelated question.
What’s the best option to get HELOC in this market? I do see fedchoice has some heloc options too. I need HELOC with interest only, and would also like to know how do they check income/liability ratio with such types of HELOC.
how much $ you need?
sent you a pm
Did you find any good rate for HELOC, could you share, I am starting to explore for a Fixed rate Home equity loan
If my LTV was under 80%, it’s be prime -0.5%. But since it’s over, it’s prime + 1.5% I believe.
Looking for interest only option. I know with my income I will not qualify for HELOC with Principal+Interest on top of my current mortgage. I am thinking interest only option could help in my case. Is there a good place to ask such questions, any good forums to discuss these things in detail. Am I thinking in the right direction?
@Sriharsha_Kadiyala , I am not sure if fixed rate is an option. I have spoken with third federal but their heloc is principal+interest which starts right at the time you start withdrawing money.