Which Bank provides Best Home Equity Loan 15 YR Rate

[Anonymous]

Hello,

I am looking to get approved for a 15 Yr Home Equity Loan amount of $280K.

My credit is excellent 833, HHI $255K

I did some quick internet research found the following:
-TD Bank 3.49%
-Pentagon Fed Credit Union 4.24%

Any other banks which are more competitive than the above, please lmk.

TIA

[Anonymous]

How much equity do you have in your house and what will the loan to value ration be with the loan?

[Anonymous]

Equity is about $420K.
The loan to value will be just under 80%.

Anonymous wrote:How much equity do you have in your house and what will the loan to value ration be with the loan?

[Anonymous]

Have you tried the internet? Lending Tree?

[Anonymous]

Credit unions appear to allow a higher loan to value ratio, a lot of banks won't do a HELOC for more than a 70% LTV ratio whereas credit unions seem to go up to 90%. A lot of credit unions seem to max out their HELOCs at 250K. I am looking at a similar loan for a renovation and have slightly less equity and would be a higher LTV. Interested in what info people have.

We plan to refinance the whole thing into one mortgage post renovation but would want terms can live with if that is not feasible for one reason or another.

[Anonymous]

Anonymous wrote:Hello,

I am looking to get approved for a 15 Yr Home Equity Loan amount of $280K.

My credit is excellent 833, HHI $255K

I did some quick internet research found the following:
-TD Bank 3.49%
-Pentagon Fed Credit Union 4.24%

Any other banks which are more competitive than the above, please lmk.

TIA

I would look online. Check Network Capital Funding out of Irvine CA. We plan to use them for our home purchase in a few months.

[Anonymous]

OP

Appreciate the tip.

Also, I am not looking for HELOC but Home Equity Loan (Fixed Rate).

Not planning on refinancing into a conventional mortage afterwards either.
BTW, My current mortgage fixed rate of 2.875%.

Anonymous wrote:

Anonymous wrote:Hello,

I am looking to get approved for a 15 Yr Home Equity Loan amount of $280K.

My credit is excellent 833, HHI $255K

I did some quick internet research found the following:
-TD Bank 3.49%
-Pentagon Fed Credit Union 4.24%

Any other banks which are more competitive than the above, please lmk.

TIA

I would look online. Check Network Capital Funding out of Irvine CA. We plan to use them for our home purchase in a few months.

[Anonymous]

Can I be nosy and ask why? Not judging, just curious. You can obviously afford to pay it back.

[Anonymous]

Random coincidence - I just applied for one today. Rates are consistent across lenders. I just did one today with capital one.

[Anonymous]

More details please like term, amount, rate.

Anonymous wrote:Random coincidence - I just applied for one today. Rates are consistent across lenders. I just did one today with capital one.

[Anonymous]

Ask why? Why no refinance?

Please clarify.

Anonymous wrote:Can I be nosy and ask why? Not judging, just curious. You can obviously afford to pay it back.

[Anonymous]

Anonymous wrote:Ask why? Why no refinance?

Please clarify.

Anonymous wrote:Can I be nosy and ask why? Not judging, just curious. You can obviously afford to pay it back.

No, I'm just curious what you are doing with the $280k. Remodeling? 2nd home? Divorce? College?

[Anonymous]

The $280K is for a Major Addition and Renovation on Primary Home.

Just looking for the best rate possible.

Anonymous wrote:

Anonymous wrote:Ask why? Why no refinance?

Please clarify.

Anonymous wrote:Can I be nosy and ask why? Not judging, just curious. You can obviously afford to pay it back.

No, I'm just curious what you are doing with the $280k. Remodeling? 2nd home? Divorce? College?

[Anonymous]

Anonymous wrote:The $280K is for a Major Addition and Renovation on Primary Home.

Just looking for the best rate possible.

Anonymous wrote:

Anonymous wrote:Ask why? Why no refinance?

Please clarify.

Anonymous wrote:Can I be nosy and ask why? Not judging, just curious. You can obviously afford to pay it back.

No, I'm just curious what you are doing with the $280k. Remodeling? 2nd home? Divorce? College?

Thanks! That was my guess! Good luck!

[Anonymous]

Anonymous wrote:More details please like term, amount, rate.

Anonymous wrote:Random coincidence - I just applied for one today. Rates are consistent across lenders. I just did one today with capital one.

3.49% 200k line of credit. 10 year draw, 20 year repay. Variable rate.

I haven't found significant variances from these figures at other banks.