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it should be at prime.Originally Posted by Melfice
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Feb 17th, 2008 12:00 PM #1
HELOC rates?
Just wondering what kind of rate does everyone have one their HELOC. Prime? Or better. Thanks!
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Feb 17th, 2008 12:11 PM #2 Reply With Quote
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Feb 18th, 2008 03:51 AM #3
Anyone got better rate than prime from their bank? Thanks!
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Feb 18th, 2008 11:44 AM #4
Better than prime is usually a teaser rate. I don't think anyone, other than bank staff, can get below prime on a HELOC in the long-term.
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Feb 18th, 2008 11:45 AM #5Newbie
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We were quoted at prime. Haven't heard of anyone that offers better than prime, but I'll watch this thread. I wouldn't mind taking advantage of an offer like that
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Feb 19th, 2008 05:28 PM #6Is this a new HELOC or not? You should get below prime for a new HELOC. Originally Posted by Melfice
For renewal, it is closed to prime. Your bank will send you the renewal notice with the quoted rate, don't accept it. Go to the bank and talk to them.
For us, we went to different branch of the same bank to get a lower rate. Reply With Quote
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Feb 19th, 2008 10:19 PM #7Newbie
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You used to be able to get below prime (prime- 0.3%/0.4%), but not anymore. HELOC would be at least at prime.
You can get an open mortgage at below prime. Reply With Quote
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Feb 20th, 2008 06:37 PM #8With our local treasury branch I was told that every year I can renew my HELOC at the promo rate, however I would also need to increase the amount of the HELOC (Which may incur an appraisal fee). So, eventually I wouldn't be able to continue because the HELOC would equal 80% of my home value. Originally Posted by Melfice
I have talked to several mortgage brokers and none can find a permanent below-prime HELOC for myself. Reply With Quote
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Feb 21st, 2008 12:33 AM #9
my mortgage broker brother was also unable to secure me a below prime heloc. He claims they just don't exist anymore for the average person.
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Feb 21st, 2008 12:41 AM #10
If you own stocks (or are intending to invest in them), you can obtain margin rates below prime.
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Feb 21st, 2008 07:50 PM #11
You will not find a home equity line of credit below prime anywhere. In the spring you might find a teaser for a certain period that's it.
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