Comparing rates/terms for HELOC on primary before applying

[Stepha L Lockwood]

Hi all! I'm a total newbie here and in the process of researching HELOC terms/rates from different banks for a line on my primary residence. I hope this isn't a dumb question, but when comparing rates and terms for HELOCs from different banks, is it possible to provide my income/current expenses/credit score or SSN to run a credit check and estimated home value to different banks and get a good faith estimate of what the rate would be without having to apply first, since, from what I understand, I can't apply at more than one bank at a time because it would be considered mortgage fraud. And is it better to just get this info in person, if a local bank/union, to start establishing a relationship?

I keep seeing "APR as low as yadda, yadda" but it really doesn't help in my comparison, as I have no idea what rate I would actually qualify for.

Also, I’m in Charleston, SC and a member of the NFCU, and I’m currently comparing NFCU, BB&T and South State Bank, but I’d welcome any other suggestions of banks/credit unions with great rates/terms!

Thanks so much for any advice! I’ve already learned so much from the community, and I’m sure this is the first of many posts as I start my RE investing journey!

[Craig Johnson]

Stephanie,

I just talked to Benjamin Runion at Suntrust over in Mt. Pleasant. They are offering 89.9% LTV, all expenses paid including appraisal, and the option to fix the rate on each loan when you take it. Do not use Lending Tree, they will just sell your info. I was planning on shopping HeratigeTrust as well.