Looking to take out a HELOC to get started in REI

[Ryan Schuler]

Hey Guys!

I am looking into getting a HELOC in the Memphis area. I am trying to find the best rate with lowest fees. I am looking at local banks, but when I googled best rates for HELOC it pulled up a company called Connexus. They are advertising a rate as low as 3.5% for the HELOC, which is lower than the 5 or 5.5% rates I have seen elsewhere.

Anyone have a recommendation on a good place to get a HELOC with low rate? Either local in Memphis or online/elsewhere?

My personal Property is worth about $230k and I owe about $83K on it right now. Looking to take out about 80K to start getting properties under my belt.

Thanks!

Ryan

[Brent Markham]

@Ryan Schuler I just did the same on my house. I ended up going with PNC which is who currently has my loan. Just make sure you read the fine print on how they reach there percentage rates. They told me 4.4% but failed to mention that was with auto payments, opening a bank account and taking out the entire amount once funds were received. So I ended up getting mine for 5.5% which is still good considering I have cash at hand for both buy and reno.