Heloc

[Logan]

Anyone get a HELOC recently. I'm putting 20% down on a home purchase then going to open a HELOC for 10% ASAP. PNC claims to lend to 89.9% CLTV when I called them but some guy at the bank told me they only go to 70% in Naples FL (this guy was a complete idiot and I might as well been talking to the trash can so I don't trust his info but that doesn't mean he's wrong).
My Credit Union goes to 90% but there are better programs then what they offer so looking elsewhere.
Logan

[tobee43]

logan, make sure you keep posting about your experience! i'm just wondering if the banks are going to finally be willing to start coughing up some money in this state!

[soccerguy]

homes are not ATM's

[kjrmom911]

homes are not ATM's

Agreed, this is how many of us ended up here.

[Logan]

homes are not ATM's

My home is much bigger than an atm.

[Logan]

Agreed, this is how many of us ended up here.

Not me. I can put 10% down and pay pmi or I can put 20% down, pay no pmi then open a heloc which costs nothing if I don't use it but have the funds available if I need them.

[Logan]

Just applied for a HELOC yesterday with my wife's credit union. Not sure if I'll be approved since they want you in the house for 1 year but may make an exception. On a better note they used a different credit model than FICO and I had a 728 and my wife was well into the 800's. 879 maybe. Anyways, they combined our score and gave us an 800+ so we at least qualify for the best rate if approved.

Logan

[tobee43]

logan, why are going this...just wondering? like mentioned above, this is one of the reasons many ended up here

does the home you just purchased need work on it?

[Logan]

logan, why are going this...just wondering? like mentioned above, this is one of the reasons many ended up here

does the home you just purchased need work on it?

We're planning on some home improvements and I want the equity line in case I want to use it for the improvements or available in case of emergency. I was going to put 10% down on my home purchase and have more cash left over but decided instead to put 20% down and open an equity line instead.
Also, you don't pay on it unless you use it so when I start the remodel I will decide exactly the best way to pay for it.
Logan

[tobee43]

oh, ok. i was just thinking about debt and getting into debt again...you know it's so easy to do with an open line sitting there.

i'm so glad for you getting the house!

[soccerguy]

Not me. I can put 10% down and pay pmi or I can put 20% down, pay no pmi then open a heloc which costs nothing if I don't use it but have the funds available if I need them.

thats what they all say ,but in the end something happens and everyone blames the banks when they can't pay it back and have to file bk for the 2nd,3 rd time

[Logan]

thats what they all say ,but in the end something happens and everyone blames the banks when they can't pay it back and have to file bk for the 2nd,3 rd time

Soccerguy, you're making these comments without know my whole financial picture. Also, I never blamed the banks for my bankruptcy. I had a sound financial plan in place but had an unexpected job loss and a divorce that contributed to my bk. I have spent the last 5 years since my discharge rebuilding my finances and I won't be making any financial decisions that will jeopardize that.
Logan

[Logan]

I close on Friday so 5 years out of BK I had no problems getting a conventional loan and then a HELOC at 90% CLTV.
For me I am done rebuilding credit since a home loan would be the last piece of the puzzle.
Logan

[spidge]

Good for you Logan for the opportunity to get through the fight and start over. I agree that everyone has their own situation and decisions to make, just be careful. You know the signs now through your experience so that should help keep you out of trouble.
I don't know how old you are and if you are thinking of retirement, but in my case I am looking for how to get this place paid off. I either pay interest to the bank or taxes to the government so it does not matter to me. My plan is to get this sucker paid in full then take a much less demanding job.

Good luck to you and yours.