Answers
I need a home equity line of credit loan
Chase has taken away my line of credit.This is not because of my credit score or equity.They are getting out of the second mortgage business slowly but surely.My credit score is over 700 and my equity is fine.I would appreciate any feedback on any banks or lenders
11 hours ago - 4 days left to answer.
The interest rates on HELOCs, along with the restrictions and fees are so bad right now. I would think you would rather have a personal line of credit with a bank. If you have strong credit and some personal assets you might be able to get a reasonable LOC from your bank.
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Chase recently cut the amount of my home equity line of credit. I had a $60,000 line and I have used $10,00 which I have paid back on faithfully! and now they cut me down to only $15,000.
How is that legal? I thought that I was under contract for the full $60,000?
The problem is that from time to time I need this for my business!
Read your contract.
The line of credit may be based on the market value of your home. The prices of homes have dropped over the past year or so.
That seems like quite a drop though. Talk with the bank. There could be an error, or they should be able to give an explanation.
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I'm wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?
you definitely should have done research before going into any loan with any bank. Most banks are prime- 0.50% and you probably should have looked around for one that didn't charge closing fees.....the good news is, do your research now, wait a few months and pay off this one with a more competitive offer.
interest rate. it is with chase bank. if the fed cuts rates this wednesday should i look into locking the balance? they probably are done cutting. does anyone have a good knowledge of the mechanics of these kinds of locks on whether this would be a good idea or not?
One, call up Chase and get a Customer Service Rep. If they are in India, ask to please be transfered to the United States. They usually have to and this just makes everything go easier!
Two, ask Chase to convert a chunk of your HELOC to a fixed rate. This will be kind of a sub-account under your HELOC. You still owe the money, only the interest will be a fixed rate for a certain amount of time.
This is probably a good idea the way rates are going. It is always nice to have a fixed payment amount anyway. Maybe in 6 months it might be lower... it might not. But then you could always to a refinance and payoff the whole thing with a fixed or another HELOC with a lower rate.
Stock Insight: Economy Still In Trouble: Bank of America
As you recall, I have documented the problems that JP Morgan Chase has been having over the last year. I provided links that show they are low balling home values, so that way they can freeze home equity lines. That way they do not have to lend. Not lending hurts American consumers, and in turn the economy as a whole. In the end it will hurt the banks as well. Below is a link to my most recent article on JP Morgan Chase.
The Economy Still in Trouble, Just Look at JP Morgan Chase
The subject of my write up today is with Bank of America however. It looks like they do not want to lend now also.
Yesterday, after accepting a balance transfer offer from Bank of America, I got a call from...
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