HELOC

[fareastwarriors]

2 hours ago, Spekulatius said:

Third Federal is another option. I had a HELOC before the financial crisis, which I never drew on before the GFC. They forced me to close it down at some point in 2010.

https://www.thirdfederal.com/borrowing/home-equity

 

Didn't tap it to buy stocks in 2009? Wasted opportunity. 

 

 

(kidding)

Edited June 8, 2022 by fareastwarriors

[CorpRaider]

2 hours ago, Spekulatius said:

Digital CU has a 3.77% APR apparently. max 60% LTV though.

https://www.dcu.org/borrow/mortgage-loans/home-equity-loans.html

 

They are not the greatest to deal with though.

 

Third Federal is another option. I had a HELOC before the financial crisis, which I never drew on before the GFC. They forced me to close it down at some point in 2010.

https://www.thirdfederal.com/borrowing/home-equity

Thanks man.  Not overwhelmed with PF so far, but we'll see.  

[fareastwarriors]

@rayfinkle

 

Did you end up choosing something? Anything to share? 

 

 

[randomep]

I have a slightly off topic suggestion, how about running up large credit card debt while it is on a 0% apr intro period?  And then rolling that over, it could help matters even if it is not alot , but it does help esp. in a 8% inflation environment.

[fareastwarriors]

4 hours ago, randomep said:

I have a slightly off topic suggestion, how about running up large credit card debt while it is on a 0% apr intro period?  And then rolling that over, it could help matters even if it is not alot , but it does help esp. in a 8% inflation environment.

 

Yes, there was a small discussion on this in the Personal Finance section.

 

 

[rayfinkle]

On 7/5/2022 at 4:27 PM, fareastwarriors said:

@rayfinkle

 

Did you end up choosing something? Anything to share? 

 

 

im still working through it, albeit slowly. 
 

I found lots of credit unions that will go to 80-90% total LTV. But most have a dollar cap or $4-600k. Many are lower. 
 

I found a few “relationship banks” that seem willing to do lower LTV (65-75%) but at extrémale low cost levels (eg prime plus 10-25 bps). 

[Fitz]

On 7/10/2022 at 5:42 PM, rayfinkle said:

im still working through it, albeit slowly. 
 

I found lots of credit unions that will go to 80-90% total LTV. But most have a dollar cap or $4-600k. Many are lower. 
 

I found a few “relationship banks” that seem willing to do lower LTV (65-75%) but at extrémale low cost levels (eg prime plus 10-25 bps). 

 

You might look so long and find the best spread over prime, but if the prime rate goes up 100-200bps in that time you’ll still be significantly worse off! The Feds have made it clear that it’s going higher by 75 a meeting!  Just a thought. 

[rayfinkle]

hey everyone- I ended up going with First Republic. They make it really easy to apply and for existing mortgage customers it is quite cheap. It's not the highest LTV, but at the end of the day it is by far the easiest option.

 

I'm going to end up with ~70-80% combined LTV. 

 

I have an interest only first mortgage with a ~2.2% 10 year rate lock and I'll put on another 10-20% LTV in floating rate HELOC at 4-5% (prime plus a modest spread).

 

Thanks, and let me know  if you have questions!