Home Equity Line of Credit

[MMuller]

Had some bonds and cd's mature. Nowhere to safely put money that will get you any return these days.

I suggest really expensive guitar lessons to help you with your money problem. Give a call anytime. Home equity-wise, we're on our 2nd 10 year, having just re-upped it in 2018. We used small amounts both times to help buy cars and paid off quickly. We got for no fees. I guess things changed with the covid situation.

 

[djm]

I've had good experiences using Univest Bank in PA for HELOCs on NJ investment properties. I'd assume the experience for a HELOC for a personal residence would be the same.

Nothing against Wells Fargo except fuck Wells Fargo.

Have you experienced Univest being different than other banks? Investment properties are tough/expensive to finance even in normal times.

 

[djm]

Anyone have any experience with HELOC's? Financial advisor recommended we get a HELOC before paying off our mortgage. This is just in case of emergency use, so not looking for a loan, just an open line of credit. Since it will probably just sit idle for years, low fees would be more important than current interest rates.

Give TD a call. I had a good experience with them (pre-COVID) and would do it again. What I liked most was their flexibility. I am only obligated to pay interest on the balance. Nothing towards principal. Yeah it all adds up but there's no better deal out there for when I want to have a short term but expensive financial tryst that gets paid off within a few months. And on top of that I can convert my HELOC balance to a mortgage and lock in my interest rate if I choose. They do charge a fee eventually, I think, but I recall it being like 50 bucks a year or something.

 

[Foster57]

Have you experienced Univest being different than other banks? Investment properties are tough/expensive to finance even in normal times.

Yeah I've found them to be pretty flexible and have more creative options than most banks. It's also really nice to know one loan officer over the course of a few years and be able to call a local branch and not be thrown into automated voice menu before speaking with someone.

 

[Bike N Gear]

Finally closed on this thing at TD Bank. Covid has really made it difficult to get bank approvals. They all must be too scared to lend money.

I've bought a house and refinanced 2 times with minimal paper work for my business. This time they wanted so much info about the business going quarter by quarter for the past year, that I just gave up. We just put my wife's name down and left me off the credit check. Despite a banner year at the shop, they don't believe anything.

 

[Santapez]

Finally closed on this thing at TD Bank. Covid has really made it difficult to get bank approvals. They all must be too scared to lend money.

I've bought a house and refinanced 2 times with minimal paper work for my business. This time they wanted so much info about the business going quarter by quarter for the past year, that I just gave up. We just put my wife's name down and left me off the credit check. Despite a banner year at the shop, they don't believe anything.

I'd be nervous, if you didn't know the bike industry in 2020 I'd be afraid to lend you money, I'm sure your books look odd.

Q1 - Hardly any sales.
Q2 - Business picking up.
Q3 - Clearly a mob front.
Q4 - Do we call the IRS on this guy? Something doesn't seem right here.

 

[w_b]

I'd be nervous, if you didn't know the bike industry in 2020 I'd be afraid to lend you money, I'm sure your books look odd.

Q1 - Hardly any sales.
Q2 - Business picking up.
Q3 - Clearly a mob front.
Q4 - Do we call the IRS on this guy? Something doesn't seem right here.

2 words

money
laundromat

 

[RobW]

Called about a HELOC Yesterday. Not a bad way to get cash without many fees for an addition.

 

[Cassinonorth]

Super interesting twitter thread from the Redfin CEO:



(This is the closest to a real estate thread here)

 

[Bike N Gear]

Super interesting twitter thread from the Redfin CEO:



(This is the closest to a real estate thread here)

Neighbor put his house for sale on Zillow, Realtor, etc 2 weeks ago at $40k below market value. Listing is live but no showings until tomorrow. Broker told him that would really drive the buyers nuts. So far it has. People drive over and offer cash with no inspection. Should be quite the bidding war tomorrow.

 

[RKaji]

I had a good experience with Univest Bank for HELOCs in Texas. Haven't tried other banks tho

 

[Patrick]

They are my bank of last resort.
I'm making a deposit in the ban bank atm

 

[BananaFred]

you are talking about paying off your mortgage (which is likely fixed and 3% ish) and a HELOC (which is generally floating and 4% ish) in the same sentence. That is giving the bank money to lend back to you. With a mortgage, you are getting 4 times leverage for 3% interest per year...which is the best deal out there. Paying down the mortgage benefits the bank more than you (total interest payments remain the same). Invest the money in a S&P500 index fund. It may go down, but over time it will outperform anything else.

 

[Bike N Gear]

you are talking about paying off your mortgage (which is likely fixed and 3% ish) and a HELOC (which is generally floating and 4% ish) in the same sentence. That is giving the bank money to lend back to you. With a mortgage, you are getting 4 times leverage for 3% interest per year...which is the best deal out there. Paying down the mortgage benefits the bank more than you (total interest payments remain the same). Invest the money in a S&P500 index fund. It may go down, but over time it will outperform anything else.

 

[annejohnson]

I had a positive experience with HELOC.

 

[MadisonDan]

I had a positive experience with HELOC.

 

[Patrick]

View attachment 173115

nothing wrong with heloc!
just don't use it for long term financing of stuff. Like an F car.

 

[w_b]

Helo C.
When you have already booked A&B and yo boi needs to get to the hizzy stat.

Gitter Flyin.

 

[shrpshtr325]

@Patrick

 

[w_b]

Go now awaynow mr sellyourshitto