Is Bank One Good For HELOC
We applied for a HELOC with a broker and all of a sudden they are telling us that we will have about $3000 in closing costs for a 4% rate. I called Bank one and they said that for a 94.99% LTV they do 4.65% with no closing costs. I don't think it's worth the 3K to save .65% on the rate. (you wouldn't refi to save .65% on your 1st) Is there any problem with Bank One? Thanks for your input.
Josh
Bank One's great, except that they require monthyl payments in the amount of 1% of outstanding balance or accrued interest, whichever is greater. As you can see, 1% of outstanding balance is much greater than accrued interest(almost 3 times as much). If you can live with that, go for it. If not, I recommend Charter One if they lend in your area.