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 Message Boards » » Home Equity Line of Credit Page [1]  
prep-e
All American
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Anyone have any experience with getting a HELOC to tap into the equity in your home? I'm trying to figure out what the best option may be in the Raleigh area. I'm being lazy by not just going into each of the individual banks and comparing what they can offer, I'm hoping maybe one of you savvy peeps has already shopped it out on here.

I currently bank with SECU but I suspect they are not going to be competitive with what other banks could offer. Anyone have any input or advice they could share?

1/2/2017 3:00:23 PM

NeuseRvrRat
hello Mr. NSA!
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I did mine with SECU. Used it to partially fund my detached garage build. Everyone was pretty close and I have always had good service with the folks at SECU. Easy process. Went to a branch and applied. Appraiser called me and setup a time to come out. Went back to the bank in a couple days and signed the paperwork.

Smart to use it for improvements to the home that increase your equity. I paid it off pretty quick and now it just hangs out as a way to get ahold of some emergency funds if ever needed.

[Edited on January 2, 2017 at 5:04 PM. Reason : adfs]

1/2/2017 5:02:07 PM

prep-e
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^thanks NeuseRvrRat

-how much out of pocket did it cost you to set up? Just the appraisal?
-is there any type of monthly/annual carrying cost after you pay it off or can you just keep it open like a paid off credit card?

1/2/2017 5:20:59 PM

NeuseRvrRat
hello Mr. NSA!
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I think we only had to pay for the appraisal. Not 100% sure.

No fees or anything. It just sits there now.

[Edited on January 2, 2017 at 7:58 PM. Reason : don't remember how much the appraisal was. it wasn't too bad or i would remember.]

1/2/2017 7:56:34 PM

RattlerRyan
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SECU just charged me $330 for an appraisal

1/2/2017 8:26:02 PM

wahoowa
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Coastal Federal won't charge for an appraisal if they can do it on the computer looking at comps. If you disagree with the value then a physical appraisal can be done at your cost. I dont believe there are any closing costs either.

Edit: the interest rate is pretty competitive but obviously many factors go into your specific rate offer.

[Edited on January 2, 2017 at 9:03 PM. Reason : a]

1/2/2017 9:02:19 PM

Douche Bag
Fcuk you
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Most rates are tied to LIBOR or prime, so they should be competitive. Some offer better floors than others and most banks will run promotions where they'll cover the appraisal from time to time. Otherwise plan for $3-400 all in.

1/2/2017 10:01:57 PM

prep-e
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thanks for the info everyone, really appreciate it

1/2/2017 11:03:35 PM

Str8BacardiL
************
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Sent you a PM. Definitely check with BB&T.

1/3/2017 12:16:32 AM

PackBacker
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bank of north carolina is running a program where the first year is locked at 1.5% then it adjusts quarterly to track the prime rate

Edit: Or at least they were 3 months ago....they said that program had been in effect for over a year now and no plans to change when I talked to them

[Edited on January 3, 2017 at 10:54 PM. Reason : ]

1/3/2017 10:53:37 PM

Str8BacardiL
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Something to factor about SECU for your equity loan. Having an open equity loan that is not run up will push your credit score through the roof. Credit scores put a lot of weight on how much open revolving credit you have available but not used. So if today you have 20k available and only 5k used you are only using 25%. Open a 45,000 equity line and your debt ratio gets way better. The other thing is if you take it all for a home remodel and do not refinance it into a non revolving loan or pay it back down it will push your score down.

SECU reports ONLY to Equifax. (They only check Equifax too) Almost every other bank or CU reports to all three even if they do not check all three.

This may be good, bad, or indifferent depending on what you are doing but something to keep in mind.

1/4/2017 9:15:00 AM

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