Big bank HELOCs (by J [FL]) Jan 8, 2018 12:30 PM|
Big bank HELOCs (by MJ [OH]) Jan 8, 2018 2:58 PM
Big bank HELOCs (by J [FL]) Jan 10, 2018 9:59 AM
Big bank HELOCs (by Ray-N-Pa [PA]) Jan 10, 2018 5:05 PM
Big bank HELOCs (by Ray-N-Pa [PA]) Jan 10, 2018 5:12 PM
Big bank HELOCs (by J [FL]) Posted on: Jan 8, 2018 12:30 PM
I've never had a HELOC and am thinking of applying for one.
I know I have to check out the rates and the terms on my own but I was wondering if anyone had general impression of getting one through Chase or BOFA. Does it make any difference if you use a larger or smaller institution for this?
TrustCo bank is also sending me mailings about them but that bank has horrid reviews online. Thanks.
Big bank HELOCs (by MJ [OH]) Posted on: Jan 8, 2018 2:58 PM
J, I would check out some regional banks in your area. I know there are several lending in your state. I don't like the big banks, no flexibility and the customer service is usually overseas. The local branches even have to call a toll free number to be able to answer your questions. I would make a list of small to regional banks and start calling them and ask to speak to a seasoned loan officer experienced in working with real estate investors. Develop a relationship and see who can give you the best deal. I believe we are in a relationship business and I want that in return. If that doesn't matter to you then go Big. :) --174.105.xxx.xxx
Big bank HELOCs (by J [FL]) Posted on: Jan 10, 2018 9:59 AM
Thank you MJ. --72.188.xxx.xx
Big bank HELOCs (by Ray-N-Pa [PA]) Posted on: Jan 10, 2018 5:05 PM
I can't speak specifically on HELOCs, but I see a huge value in dealing with a small local portfolio lender. The banker knows me and knows that I am wanting a loan, that there is a value in it.
That level of trust doesn't come by pushing the number 1 on the phone
Big bank HELOCs (by Ray-N-Pa [PA]) Posted on: Jan 10, 2018 5:12 PM
I forgot to mention, though - the local bank is not as cheap as the national chains are.
The value I see is in the knowledge that the banker knows me and my niches --24.101.xxx.xxx