I'm looking to get a home equity line of credit for a while. Because mortgage broker didn't make any money (not even a dime) to get you the HELOC, most broker is not very motivated to do this as a service. I call the broker I used in the past, but it seems that they don't care much about my HELOC as compared to refinance or purchase I did. After weeks of waiting, I got pretty frustrated for no responds from my broker, and I decide to go directly to the bank. I went to Wells Fargo and sit down with a investment advisor. After I explain what I needed, the person seems to be helpful. Except she won't tell me the rate until I "initiate" the process with the bank. She recommends me open a bank account with Wells Fargo and I did. Today, she finally call me and let me know the rate. It was a pretty ridiculous high rate "PRIME + 2" This is almost as high as a personal loan I can get from a credit union! Well, it seems like the lady is more interested to get me open an account than getting me the competitive rate of equity line I wanted. After some research, I learnt that http://www.bankrate.com/ actually offer a list of bank with interest rate sorted in order. I 'll give this list a try tomorrow and call the lowest rate company to get started. Hope I can find the right lender to get me the HELOC. Share your experience if you have a better way to get HELOC?
Wednesday, October 10, 2007
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5 comments:
hi 529pm
I got a really good rate on my heloc 7.5%. The loan officer did it backward beacuse she should have quote you a rate prior to open the checking account. Call Sally. She's good with residential loan..Dont go anywhere. Let us help u.
cindy
529pm
Here is the real fact. Loan officers can make money on the HELOC but a lot of them don't do it because they don't earn as much commission as the purchase or refinance on a loan starting 300k or more. They have to spend the same time and effort for HELOC and the money incentive is too low.
I am sorry to hear about your non-responsive agent on opening a line of credit. I just spoke with a loan agent today and she told me that her broker always welcome customers who need to open a HELOC. They are able to offer pretty good rate and can always beat other offers. If you are interested, you can email irenephung2004@yahoo.com.
Instead of you finding the lowest rate, it's better to have the agent do it (I assume you would rather use the time to look for other investment opportunities :D). As far as I know, the broker do get money (even very little) from HELOC.
thx for all the input, I'll look into all your suggestions.
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