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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

Can you even get HELOCs anymore?  I looked into one and no one is doing them.[/quote]

I have noticed this as well.  Any ideas why? I find it strange that banks aren't offering HELOCS anymore.  [/quote]

It was explained to me recently that banks freaked out b/c the pandemic and thought another housing market crash was on the way. Because during the 2008 crisis HELOCS and other second mortgages were the first to be defaulted, the big banks stopped offering this product.

Some are offering them again, but they mostly require you to have your primary mortgage with them. So if you’re first mortgage is with a lender that doesn’t offer HELOCS, you would have to refi with a new lender who does offer them. But if you’re like me and you refi’d recently for a sub 3% mortgage, then it’s impossible to change lenders without getting a higher rate and by law they won’t even do that anyway because they’re not allowed to do a refi that doesn’t offer a certain amount of benefit to the borrower.

Bottom line, there are credit unions that offer standalone HELOCS assuming you have decent credit. Shop around at those. Don’t bother with the big banks unless you already have a first mortgage with them.[/quote]

Yea, this,  they are impossible to get.  I was reading in a finance article that there were 26 HELOCS granted in 2020 in the whole country.  Right now they are unicorns.[/quote]

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