Best lenders for a 1st Lien HELOC for a $550k home purchase

[James Johnson]

I am purchasing a New Construction home in South Florida that will be complete in August 2019. I have already been pre-approved for a Conventional 30 year Jumbo Mortgage but I am looking to attack and pay off this home quickly. I recently came across several "speed equity" articles that share getting a HELOC in 1st Lien in lieu of the Conventional Mortgage. I am trying to find a lender that can do the higher amount, most lenders do a max of $500k. Please share if you know of any lenders.

Thanks

[Andrew Postell]

@James Johnson I have been wrestling with whether I should comment on this post but I'll try to do my best here. That "speed equity" concept is not a sound concept. HELOCs have variable rates, mature and modify after 10 years, and in general are not designed to hold money for a long period of time. If you have a fixed rate loan, the rate will be reasonably low. You won't have a prepayment penalty, which means you can pay it off quickly. And it's fixed...for 30 years. So if something crazy happens in your life in 8 years....you can still go back to your 30 year payment. If something crazy happens in your life in 8 years with your HELOC...it will only have 2 years remaining before it matures. Please be very careful of that other strategy. Tag me with any questions. Thanks!