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Classifieds & Organizations => Sponsor Classifieds => Topic started by: pianoman9701 on September 29, 2022, 11:23:49 AM

Title: HELOC and HELoans - Why with a higher rate?
Post by: pianoman9701 on September 29, 2022, 11:23:49 AM: If you have a great rate on your 1st mortgage and need to pay off student loans, build a new project, consolidate high interest debt, instead of losing that great 1st mortgage rate, you can borrow on your equity with a HELOC or HELoan. HELoans are specific loan amounts locked at the beginning and HELOCS are a credit line and float the rate.
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: highside74 on September 29, 2022, 11:41:38 AM: What are rates now for the different equity loans. A new shop is in the cards maybe in the next spring. We have amazing credit and at least 50% equity. Out rate now is 2.875 so an equity loan would be best but which type escapes me.
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: pianoman9701 on September 29, 2022, 11:53:31 AM: Quote from: highside74 on September 29, 2022, 11:41:38 AM
What are rates now for the different equity loans. A new shop is in the cards maybe in the next spring. We have amazing credit and at least 50% equity. Out rate now is 2.875 so an equity loan would be best but which type escapes me.

Rates are normally 2-3% higher for HELOCs than regular mortgages.
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: Mark Brenckle on September 29, 2022, 04:00:38 PM: How much loan to value are you able to get?
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: Alchase on September 29, 2022, 05:46:24 PM: I thought I just heard on the news, that 30 fixed rates are now at 7%, highest in 20 years :yike:
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: pianoman9701 on September 30, 2022, 08:11:27 AM: Quote from: Mark Brenckle on September 29, 2022, 04:00:38 PM
How much loan to value are you able to get?

Normally 80%
Title: Re: HELOC and HELoans - Why with a higher rate?
Post by: pianoman9701 on September 30, 2022, 08:13:12 AM: Quote from: Alchase on September 29, 2022, 05:46:24 PM
I thought I just heard on the news, that 30 fixed rates are now at 7%, highest in 20 years :yike:

The good news: You're likely to be able to get seller concessions to bring the rate down into the 5s. It has become a buyer's market.