line of credit
my partner and i are interested in a line of credit to buy and rehab a fixer upper her in ny. we're looking no closing costs and good rates. My partner's credit score is 768. We're looking for a credit line up to 150k with good rates, and no prepayment penalties. my profile should have my e-mail address.
Thanx,
keven 
Tyr Wells Fargo Express Equity. I haven't tried it yet, but I heard good things about it. The link is below:
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With a score above 700, "the world is your oyster". If you want to view competitive rates for some of the major NY banks, go to ****Must Reach Senior Investor status before posting URL's*** That will give you a good cross section of banks to look at in terms of rates.
Another thing to consider why not approach the bank that you already have a relationship with i.e. checking or savings account, or your credit union. Or if you want a lender to come to you, why not try Lending Tree.com. "3 offers in an hour". Another thing to consider after you get an idea of what the banks offer, why not use this opportunity to develop a relationship with a mortgage broker. You have a great score therefore you are not a hard sell. They are hungry, you should be able to negotiate a great rate.
I would however caution you about one thing. Be careful about to many people checking out your credit history. Every hit starts to work against you overtime (it is a weird thing with credit reporting agencies). Don't agree or sign to agree that they can access your credit history. I would talk to lenders in a big picture sort of way just to obtain the facts. After you say your credit score, they will know that you are not "credit challenged" and relax (vs seeing you as a new piece of exploitable meat).
Also be careful when you are talking to mortgage brokers. They are not doing you a favor by talking to you. Insist on a high level discussion about the equity programs they have to offer and at what rate. They do not need to see the specifics of your credit report to provide this type of information.
Good luck.
thanx for your posts. we got a straight mortgage of 107% of purchase price and we're gonna get a small personal loan for the fix ups. but now, we'll try wells fargo express equity first
Hello KBM
When you get this LOC, be careful to read the small print. I had a LOC with a broker, I took them for their word as to how the agreement would be structed. Well it wind up that they only covered 90% of the actual cost of the property that I purchased. I bought at 78% of FMV, thinking I would be able to refi and walk away with a no money down deal.
Well they told me that I would have to hold the property for one year before I could draw one penny from the unit or refi. In the mean time I owe 10% of the purchase price to a second mortgage company at a higher than average rate.
I still got a good deal on the purchase, however, I had to go to another mortgage company in order to make the deal work out like I needed. I have learned what one mortgage company tells me is not always the final answer. Good luck with your LOC, these are valuable tools when used to purchase at the right price.