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What is the process of shopping around for a HELOC?

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What is the process of shopping around for a HELOC?

Old 09-26-05, 02:36 PM
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What is the process of shopping around for a HELOC?

I want to get a Home Equity Line of Credit to do some remodeling.

The bank that has my mortgage gave me a bad rate (or they want me to refi) so my realtor says I should shop around.

Where should I start? Is it safe to do this online and get multiple quotes? yellow pages? Bug my realtor for recommendations?
Old 09-26-05, 02:40 PM
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Be careful if you do it online because I tried it and I was stormed with unwanted unrelated calls and letters for months...
Old 09-26-05, 02:43 PM
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eesh. thats what i want to avoid, but thats better than identity theft.
Old 09-26-05, 02:46 PM
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To this day I still get the occasional call about it and applied online over a year ago...
Old 09-26-05, 02:49 PM
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The one I used was lowermybills.com just incase you want to avoid it.
Old 09-26-05, 02:50 PM
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I would suggest going with your credit union, they have good rates. Personally, I ended up borrowing from my 401k because our dest to income was too high, and my credit union isn't local and doesn't to HELOC's/equity loans in my state

beware that HELOC's are usually variable (tied to prime) whereas an equity loan is fixed.
Old 09-26-05, 02:58 PM
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Thanks Bella I will! I dont have a credit union, should I just walk in the door with several local banks?
Old 09-26-05, 03:05 PM
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Check out penfed.com (Pentagon Federal Credit Union). They are always competitive when it comes to HELOC's/HEL's. It's a military CU that only requires you to make a $25 donation to some military organization to become a member. It's a one time donation and well worth it if the rate is low.

Check out the finance forums over at fatwallet for the current best HELOC's/HEL's.

BTW, I would never, ever recommend borrowing from a retirement fund for this purpose.
Old 09-26-05, 03:07 PM
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I use COUNTRYWIDE... Try them... They are on the web... Who is your primary mortgage through? Just ask them for a HELOC..

Have you thought about refinancing all together and taking cash out? Your payments would be much lower...
Old 09-26-05, 03:15 PM
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my current lender (TCF-sucks I know but i got a good deal on my first mortgage) wants me to refi but theyre a little too high (see first post). Im not against a refi, but I dont want to borrow much more than i really need.
Old 09-26-05, 03:31 PM
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I used LendingTree.com for my refi... pretty good experience and didn't get any unwanted solicitations afterwards. Sure they could help with your HELOCopter loan.

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