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Author Topic: HELOC and HELoans - Why with a higher rate?  (Read 1768 times)

Offline pianoman9701

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HELOC and HELoans - Why with a higher rate?
« 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.
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Offline highside74

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #1 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.

Offline pianoman9701

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #2 on: September 29, 2022, 11:53:31 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.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline Mark Brenckle

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #3 on: September 29, 2022, 04:00:38 PM »
How much loan to value are you able to get?

Offline Alchase

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #4 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:
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Offline pianoman9701

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #5 on: September 30, 2022, 08:11:27 AM »
How much loan to value are you able to get?

Normally 80%
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline pianoman9701

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Re: HELOC and HELoans - Why with a higher rate?
« Reply #6 on: September 30, 2022, 08:13:12 AM »
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.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

 


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