The equity is from a permanent residence. The loan is 30 yr. fixed. The investment would be at least two years. My predatory broker likes to give out optomistic advice.
HELOC.............you only pay when it is used and with some now you can lock the rate after you hav used it .
Why touch your first. A HELOC should cost very little to do.
For a loan of that size check with your local bank. On a larger loan a broker may be the way to go.
A good rate will be anything near prime rate. prime + margin is how they will be quoted the better the scores the lower the margin. Prime is currently 6%
The equity is from a permanent residence. The loan is 30 yr. fixed. The investment would be at least two years. My predatory broker likes to give out optomistic advice.
HELOC.............you only pay when it is used and with some now you can lock the rate after you hav used it .
Why touch your first. A HELOC should cost very little to do.
Good Luck
Brian
Thanks B. Can you give me an example of the fees, rates and costs and monthly payment of a good HELOC.
For a loan of that size check with your local bank. On a larger loan a broker may be the way to go.
A good rate will be anything near prime rate. prime + margin is how they will be quoted the better the scores the lower the margin. Prime is currently 6%
check out www.penfed.com
https://www.penfed.org/index.asp prime -.5, easy membership and approval, and you might be able to go to 90% CLTV.
also check out local CUs, there is a local one offering prime only w/ 3.99 intro for 6 mo.