Answers
At www.equifax.com they have a rate comparison section which allows you to check out interest rates according to your credit score, the terms of your loan or mortgage, and where you live.
When shopping for a home equity line of credit, it's important to talk to two or three different banks to see what terms they can offer. Find ...
Can anyone give me the details on obtaining a HELOC? Is there some comparison shopping to do when entertaining the thought of this? I put 1/2 down on a $300K 3 years ago and my credit is good enough to obtain a regular credit card if I apply. How much money could I get and how is the loan repaid? Basicly how does the process work? Any info I can get is helpful!
How much you can get depends on your income, credit score and the value of the home. Many HELOCs are easy to get with your bank if you have a good relationship in place. They'll run your credit, verify your income, do an appraisal (maybe even a 'drive by') and then extend an offer. You can get 90-95% LTV in the best of circumstances.
It would be safe to assume your house is worth $300k. It might be worth more, but in this market I wouldn't count on much more. 5% a year is the historical number, but if you're on either coast or in large urban area, I would bet on no growth in 3 yrs.
So, assuming your credit is great (over 700 middle score) and you owe $150k, your most optimistic scenario would be about $120k on a HELOC.
Guide - Home Equity Loan or Line of credit markets tight | equity ...
Means.
An example: You own a house, and it's worth $ 150,000 from an expert or professional relationship in the local real estate agents experienced some comparable sales properties for you. The debt is due to the property only $ 50,000. Consequently, money isin your home $ 100,000, the difference between the principal balance is due and guides the current value of the property. So you know you have a value of your property and now want a second loan on your house.
Which is better, a Home
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