HELOC HELP aka LINE OF EQUITY

[Kevin Sabatino]

Hey BP Family! Im located here in south Florida. I’m looking to pull a line of equity out of my primary home. Here are the numbers. I’ve narrowed it down between two credit unions.

#1 Gaurdians credit union 

Interest rate: PRIME minus 0.25%

LTV: potentially 90%

Draw and Pay back period: draw upto 5yrs maybe 10yrs if credit history still really good/ pay back period 15yrs

Closing cost:$435 includes FULL Appraisal 

Minimum withdraw when opening account: $5,000

#2 Third Federal Savings and Loan

Interest rate: PRIME minus 1.01% 

LTV: 80%

Draw and Pay back period: 10yrs of drawing out with total of 20yrs for payback

Doc & intangible tax $5.50 per $1,000 that gets taken out.

Full Appraisal: $200

Annual fee of the draw period: $65x10=$650