Cash-out refi..

[quackadikt]

Selling a house with a heloc is no different than selling one with a mtg. the debt get paid at closing if there is a balance. if no balance simply call the bank and close it. its still the texas 80% rule.



we open a ton of heloc for people buying investment properties. depends on the scenario. if buying 1 and holding it or buying and flipping. i dont know the op scenario to make that call. how much cash out is he taking? whats the balance and rate on the first if any? will he ever need cash out of the property again?



here's our rates on 100k. there is also 2.99 for first 12 months and these rates do not include .25 auto debit discount and up to additional .375 relationship discounts. not saying this is the best rates out there either.

now compare it to your APR on a cor

If you have a mortgyand a HELOC, wouldn't you have a first and second on it?

I'm in NM, so I don't know what the Texas 80 rule is?


Sent from my iPad using Tapatalk

[JeffJ]

I wasn't thinking about a remodel job honestly, but that's definitely where a HELOC would be a better choice, but I really appreciate the insight on them. You learn something new every day!

We don't offer a HELOC, I've just seen them on credit reports and our director isn't a fan of them.

It's also not great if you're trying to sell a house and have a mortgage and a HELOC on it. As far as rates, it seems like the going rate is 5s or better, vs 3s-4s for a COR.

I'd say in this guys situation, buying investment properties, he'd be better off going a COR, but that's just me.

Sent from my XT1585 using Tapatalk

So, you don't like them AND happen to not sell them...

[wes122984]

If you have a mortgyand a HELOC, wouldn't you have a first and second on it?

I'm in NM, so I don't know what the Texas 80 rule is?


Sent from my iPad using Tapatalk

max LTV on taking cash out either via cash out refi for heloc in texas is 80%. yes 1st and 2nd. all the title has to do it order 2 payoff letters..its no extra hassle.

[quackadikt]

Cash-out refi..

So, you don't like them AND happen to not sell them...

Again, I was just going off of what a bunch of lenders and realtors that have a lot more time and experience in the industry, that I trust, have relayed to me.


Sent from my iPad using Tapatalk

[Charles]

I wasn't thinking about a remodel job honestly, but that's definitely where a HELOC would be a better choice, but I really appreciate the insight on them. You learn something new every day!

We don't offer a HELOC, I've just seen them on credit reports and our director isn't a fan of them.

It's also not great if you're trying to sell a house and have a mortgage and a HELOC on it. As far as rates, it seems like the going rate is 5s or better, vs 3s-4s for a COR.

I'd say in this guys situation, buying investment properties, he'd be better off going a COR, but that's just me.

Sent from my XT1585 using Tapatalk

Your Director isn't a fan because you don't offer them and can't make money.

[quackadikt]

Your Director isn't a fan because you don't offer them and can't make money.

No, she was in the wholesale market for 20 years before, and just flat doesn't like them. We're a unique lender and refer out as many loans as we take, so that's not the case.


Sent from my iPad using Tapatalk