# Home equity loans... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [November 6, 2009, 6:00am UTC](https://forums.speedlife.net/t/home-equity-loans/75796 "2009-11-06T06:00:38Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [November 6, 2009, 6:00am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/1 "2009-11-06T06:00:38Z")
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. ---
**Author:** ![08GT500](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/08gt500/32/5417_2.png) [@08GT500](https://forums.speedlife.net/u/08GT500)\ **Post date:** [November 6, 2009, 6:06am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/2 "2009-11-06T06:06:55Z")
I’d check a few credit unions. They seemed to have the best rates when I was shopping for a home equity loan. ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 6, 2009, 7:06am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/3 "2009-11-06T07:06:33Z")
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. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [November 6, 2009, 8:12am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/4 "2009-11-06T08:12:06Z")
Also keep in mind they will value your home way low so you can only borrow so much. ---
**Author:** ![Harvey](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/harvey/32/5069_2.png) [@Harvey](https://forums.speedlife.net/u/Harvey)\ **Post date:** [November 6, 2009, 8:16am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/5 "2009-11-06T08:16:50Z")
Keybank ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 6, 2009, 10:22am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/6 "2009-11-06T10:22:55Z")
> [@Blue Eyed Devil](#): > > Also keep in mind they will value your home way low so you can only borrow so much. 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: ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [November 6, 2009, 11:20am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/7 "2009-11-06T11:20:07Z")
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: ---
**Author:** ![Bull49](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bull49/32/7381_2.png) [@Bull49](https://forums.speedlife.net/u/Bull49)\ **Post date:** [November 6, 2009, 11:23am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/8 "2009-11-06T11:23:10Z")
> [@Blue Eyed Devil](#): > > 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. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [November 6, 2009, 11:45am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/9 "2009-11-06T11:45:19Z")
Yeah right? ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [November 6, 2009, 12:08pm UTC](https://forums.speedlife.net/t/home-equity-loans/75796/10 "2009-11-06T12:08:38Z")
[bankrate.com](http://bankrate.com) will compare the banks. ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [November 8, 2009, 10:36am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/11 "2009-11-08T10:36:27Z")
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. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 8, 2009, 11:45am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/12 "2009-11-08T11:45:40Z")
Yeah, if you like paying extra taxes every year ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [November 8, 2009, 1:36pm UTC](https://forums.speedlife.net/t/home-equity-loans/75796/13 "2009-11-08T13:36:20Z")
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. ---
**Author:** ![RobtC](https://avatars.discourse-cdn.com/v4/letter/r/51bf81/32.png) [@RobtC](https://forums.speedlife.net/u/RobtC)\ **Post date:** [November 8, 2009, 2:04pm UTC](https://forums.speedlife.net/t/home-equity-loans/75796/14 "2009-11-08T14:04:34Z")
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? ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 9, 2009, 7:01am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/15 "2009-11-09T07:01:33Z")
Yes, you can do anything you wich with the equity line. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 9, 2009, 7:15am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/16 "2009-11-09T07:15:18Z")
> [@Blue Eyed Devil](#): > > 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. 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. ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [November 9, 2009, 7:41am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/17 "2009-11-09T07:41:58Z")
I think i’ll check with the credit union @ work. 6.9% for 10 years… Key list’s 7.4-9%. ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 9, 2009, 8:52am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/18 "2009-11-09T08:52:55Z")
[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 ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 9, 2009, 8:56am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/19 "2009-11-09T08:56:08Z")
yeah those rates are bad ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [November 9, 2009, 10:40am UTC](https://forums.speedlife.net/t/home-equity-loans/75796/20 "2009-11-09T10:40:54Z")
So, enlighten me? [Next page](https://forums.speedlife.net/t/home-equity-loans/75796.md?page=2)