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Real Estate
Reply to "House renov/addition: pay cash? Refi? HELOC?"
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[quote=Anonymous]OP updating ... our HELOC lender (Chase) proved to be clueless and incompetent. I wanted to simply raise the limit on the line by $100K (easily supported by valuation and our income & assets) and they could not figure out how to do that. Insisted I'd just have to refin the whole HELOC at ~3.84%. Riiiiiiggght .... like I would throw away our current 2.5% HELOC with an instant lock feature for a new HELOC with higher interest, less flexibility and closing costs to boot. I spoke with 2-3 different people there and finally said never mind, I'll do business elsewhere. In the end though it's not worth the hassle to me of going through a refin w/ subordination of the HELOC so we'll just max that out, convert to a fixed rate low rate loan (2.5% or so), pay cash for the rest, and then maybe after the work is done refin the entire package or just the primary mortgage (since the Fed says rates may stay low for 2 more yrs.). [/quote]
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