Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
7y
I've had good luck with BankNewport as well, to do rate comparison you can also try to get competitive quotes from other local banks that hold onto their loans, such as Pawtucket Credit Union, Navigant Credit Union and Coastway (now HarborOne).
Other than the rate being a little higher because of it being 4 units and non owner occupied, is there a reason this would be hard to find @Hunter Waterman - have you had difficulty getting such a loan (HELOC)?
Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
7y
@Hunter Waterman I've found that for banks that hold onto their loans (portfolio), they vary widely in their policies and suspect you can find one that will do a HELOC on top of an existing 1st mortgage from another bank - though whether you like their max LTV (i.e., maximum allowable LOC) is another question entirely.
If you're going with a more traditional bank / institutional loan that likely resells the loan on the secondary market, you'll have a much harder time doing anything creative or "outside the box". You generally get a little better rate because they have a bigger pool of money to draw from, but if you don't fit inside the box exactly they can't resell it, so they won't do the loan.
That's why one of the first questions I ask myself when dealing with lenders is, do I think this one will "fit in the box" or not - I want the best rate of course, but I also don't want to waste my or the loan officer's time if I know it's probably not going to work from the get-go.