- Joined
- Apr 16, 2005
- Location
- Sharon, SC
Actually in the market for a heloc.
Anyone got any recommendations
Anyone got any recommendations
Refinance
- Thread starter rcalexander105
- Start date
77GreenMachine
Phillip Talton
- Joined
- Mar 30, 2010
- Location
- Trinity, NC
Darrell Boan
336-209-8819
dboan@integritymtgs.com
He came recommended by @BigClay a couple years ago for a refi. Highly recommend, 10/10
- Joined
- Mar 24, 2005
- Location
- Stanley, NC
VortecJeep
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- Joined
- Aug 24, 2005
- Location
- Concord, NC
RatLabGuy
You look like a monkey and smell like one too
- Joined
- May 18, 2005
- Location
- Churchville, MD
Thank the Fed for that, they raised the prime rate that much last week
VortecJeep
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- Joined
- Aug 24, 2005
- Location
- Concord, NC
I wish I would have secured the HELOC several months ago, but it too so long to find a contractor, I waited until I had the contractor lined up before I secured the loan.
RatLabGuy
You look like a monkey and smell like one too
- Joined
- May 18, 2005
- Location
- Churchville, MD
Normally taking money from 401k would be a terrible idea, bc you'd get a higher return in the market , and you can't get back that investment time.
But the way the current and near future looks... geez you might as well just pull it out as a loan, put in a high yield savings account, then put right back in later.
RatLabGuy
You look like a monkey and smell like one too
- Joined
- May 18, 2005
- Location
- Churchville, MD
Don't HELOC rates still vary with the Prime? or do they lock when you secure it? That wouldn't seem very good for the bank.
VortecJeep
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- Joined
- Aug 24, 2005
- Location
- Concord, NC
It depends on which one you get. I knew rates were going up, so I got a fixed rate at my credit union.
ckruzer
Infidel
- Joined
- Jul 2, 2015
- Location
- asheville nc
What are the current avg heloc rates yall are seeing?
VortecJeep
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- Joined
- Aug 24, 2005
- Location
- Concord, NC
RatLabGuy
You look like a monkey and smell like one too
- Joined
- May 18, 2005
- Location
- Churchville, MD
Tying this to the other thread - I wish I'd gotten a HELOC too, but missed that boat.
Luckily when I re-fied at 2.5%, I kept my total payment the same as it was previously and am paying an extra 30% monthly to knock it down faster.
With savings/MM accounts now getting a higher yield, I think I might take that extra payment and put into a Savings account. It would actually accrue more $$ net interest and build up cash to use, and if I don't, I can just dump it back into the mortgage in a lump payment later anyway.
Not the same as the big bolus as one as with a HELOC but at least sets up a stream to have on hand.
Luckily when I re-fied at 2.5%, I kept my total payment the same as it was previously and am paying an extra 30% monthly to knock it down faster.
With savings/MM accounts now getting a higher yield, I think I might take that extra payment and put into a Savings account. It would actually accrue more $$ net interest and build up cash to use, and if I don't, I can just dump it back into the mortgage in a lump payment later anyway.
Not the same as the big bolus as one as with a HELOC but at least sets up a stream to have on hand.
ckruzer
Infidel
- Joined
- Jul 2, 2015
- Location
- asheville nc
Does the intereste rate of a heloc override the interest rate of your mortgage? Im at 3% and not interested in losing that...
I have the savings, but Id rather leverage if I can, providing the rate isn't constituting "legal plunder"
I have the savings, but Id rather leverage if I can, providing the rate isn't constituting "legal plunder"
RatLabGuy
You look like a monkey and smell like one too
- Joined
- May 18, 2005
- Location
- Churchville, MD
No, its basically a 2nd, separate loan.