Home equity loan

[BabyTigger99]

Anyone know of good, reputable place I can go on the internet to get a home equity loan at a decent rate? I am looking at 100% of equity. Also, credit is not the greatest, but I do know what we can afford. I am looking for $15000 for 7 years, at a rate under 8%. Any help would be appreciate!

 

[Hercules10]

Check with your mortgage bank first. They may give you a good rate as a continuing customer.

Most HELOCs are for only 80% of the equity you've got on your property.

Sorry, I still don't have enough "warm and fuzzies" to do something like this over the internet so you're one up on me.

 

[Lisa L from MI]

I have always got the best rate from Comerica. You can also do everything over the phone. They even Fed-ex'd paperwork to me with a pre-paid Fed'ex to send it back.

 

[BabyTigger99]

Check with your mortgage bank first. They may give you a good rate as a continuing customer.

Most HELOCs are for only 80% of the equity you've got on your property.

Sorry, I still don't have enough "warm and fuzzies" to do something like this over the internet so you're one up on me.

We actually found our original mortage online. They gave us a lower rate BY FAR than anyone else. And it was really easy to do. Lots of emails and faxes,but it worked out great!

 

[mrsltg]

We did e-loan, I think and we got calls from everyone and their brother! HOWEVER, a lot of brick and mortar banks are dying for the business so you may have some luck going and in and telling the loan office exactly what you said in your post.

 

[kami2199]

I am a real estate appraiser and deal quite frequently with "internet" lenders. I am just going to tell you to be very careful. My first suggestion would be to check out an institution like Wells Fargo that has divisions that handle these kinds of things...like lower than the 620 credit score (which I think is their magic number for straight conventional financing. You might find that unless you have an awesome rate or recently refi'd, you would be better off to do a total refi. Wells can lend up to 100% but you will be paying PMI since you are not keeping the 20% equity free and clear. PMI is an insurance that will basically assure the bank that they will pay the loan if you default.

I am sure there are others besides Wells Fargo that do this, they are just the big one in my area. We are a small community. Good Luck.

 

[kendall]

Check out your local credit unions for possibly good rates on home equity loans.

 

[eddad]

I'm a loan officer here in Warwick.....

I have had great luck routing my clients through National City,Prime however is at 8 1/2 % tho some places will go as low as 2 below (depending on credit)hope that helps.