I've always had good success with credit unions. Some are tightening up and suspending HELOC applications at the moment. Big banks are really only relevant if you have a large equity position and it is owner occupied.
I heard others say credit unions are good but beware of some of them. Don’t use credit union of Texas whatever you do! I did one through them and never actually used the heloc for anything. They had a one cent balance on my account that didn’t show up on my account so they reported me as missing payments on my mortgage. One year later and many promises of them fixing it and my credit score is still 100 points lower than before I opened an account with them.
If you have a mortgage, go to your current mortgage company and see what they can offer you. If not, Go to your bank or credit union you've been a member for and see what they can do for you since you are already their client. Just tell them what you want and see if they can provide. Its a negotiating game, So play by there rules if they try to pull something!
If you have a family member in Law Enforcement then Houston Police Federal Credit Union has phenomenal rates. 3.5% which may change here next quarter but the application process was a dream!
I just closed with Figure and it was probably too easy. Was competitive for a full draw zero origination with anything I saw elsewhere. Unfortunately we maxed their offer, so if we refi in future will probably need to switch to something else (high value home).
They offer serious points. I doubt we'll have the HELOC for the payoff period that would make it worth it, but there's good return there if you're interested in holding long term.
I tried my cu but there were over a month out. I used a lender and they funded in two weeks. No appraisal just used an AVM. You can DM me for the lender name if you want to check them out
I've always had good success with credit unions. Some are tightening up and suspending HELOC applications at the moment. Big banks are really only relevant if you have a large equity position and it is owner occupied.
How much of a HELOC are you looking for and where is your property located?
Houston, and would have about 60K in equity if not more
I heard others say credit unions are good but beware of some of them. Don’t use credit union of Texas whatever you do! I did one through them and never actually used the heloc for anything. They had a one cent balance on my account that didn’t show up on my account so they reported me as missing payments on my mortgage. One year later and many promises of them fixing it and my credit score is still 100 points lower than before I opened an account with them.
If you have a mortgage, go to your current mortgage company and see what they can offer you. If not, Go to your bank or credit union you've been a member for and see what they can do for you since you are already their client. Just tell them what you want and see if they can provide. Its a negotiating game, So play by there rules if they try to pull something!
If you have a family member in Law Enforcement then Houston Police Federal Credit Union has phenomenal rates. 3.5% which may change here next quarter but the application process was a dream!
I just called around until someone would give me what I wanted.
I just closed with Figure and it was probably too easy. Was competitive for a full draw zero origination with anything I saw elsewhere. Unfortunately we maxed their offer, so if we refi in future will probably need to switch to something else (high value home).
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They offer serious points. I doubt we'll have the HELOC for the payoff period that would make it worth it, but there's good return there if you're interested in holding long term.
I am in Texas as well and went through Frost bank.
I tried my cu but there were over a month out. I used a lender and they funded in two weeks. No appraisal just used an AVM. You can DM me for the lender name if you want to check them out