Where is a good place to get one?
Edit: not looking for a ton of money…
I probably have ~40k in equity and want to do some not so
fun stuff.
I’d check a few credit unions. They seemed to have the best rates when I was shopping for a home equity loan.
Banks or credit uions, just goto the bank you bank at. They’ll probably give you a good deal since you already have a relationship with them. Also keep in mind most places only allow you to get up 80% out, which means if your house is worth 100k and you owe 60k, you can only get out up to 20k. Just in case you didn’t know.
Also keep in mind they will value your home way low so you can only borrow so much.
Keybank
Yes if they go by tax value, which some banks do. I recommend spending the 400 on an appraisal. I.E. My home’s tax value is 209k and it just appraised last week for 275k. I myself just did an equity line :redface: Also keep in mind that 99% of the time interest paid on an equity loan is a write off. Plus if you want you can term out a porton of the money to have it paid in a current period instead of the 15year default.
Good Luck :tup:
My CPA screwed me one time when I did a ton of home repair with cash then bought a car with a home equity line of credit, she said, “you can’t deduct a car”! Beotch!
The bank appraisal of my home for my recent refi was $170,000 lower than it cost to build.:bloated:
sigh, women.
Yeah right?
bankrate.com will compare the banks.
Should get an appraisal done every few years anyway just in case the government decides to put a highway through your house. They only pay you what your last tax appraisal was.
Yeah, if you like paying extra taxes every year
You pay taxes on assessment not apraisal. Because my appraisal was so much lower than my assessment I took it to the town and they lowered my tax assessment. The bad part is if I want an equity loan my value looks low but like I said they do that intentionally.
can someone get an equity loan or a heloc and pay off their mortgage with it? essentially, refinance their home without paying closing costs and dropping pmi because they have over 20% equity now?
Yes, you can do anything you wich with the equity line.
when he said they use “last tax appraisal” i assumed he meant the one done by the town to price your taxes.
Like anything else, you can’t have it both ways. Lower appraisal = cheaper taxes but less borrowing power. Higher = higher taxes, more borrowing power.
I think i’ll check with the credit union @ work.
6.9% for 10 years…
Key list’s 7.4-9%.
[quote=“drvnkd,post:17,topic:75796"”]
I think i’ll check with the credit union @ work.
6.9% for 10 years…
Key list’s 7.4-9%.
[/quote]
WOW, my bank has 4.25 on HELOC right now, and 4.99 fixed on 10 year loan
yeah those rates are bad
So, enlighten me?