Natick, MA · Member since 2013 · 86 posts · 47 votes
Good evening! We are in the process of researching local banks in order to set up a HELOC. Wanted to reach out and see if anyone has any suggestions or good experiences working with a local community bank. Also has anyone found a local bank that will offer more than 80% LTV? Thanks!!
Hey Nick, i have not been able to find a bank that would offer more than 80% LTV but i have use Belmont Savings bank https://www.belmontsavings.com/rates/equity/ and Leader bank in the past.
I have found that you can easily build a relationship with Belmont to facilitate deals in the future. hope this helps!
Thanks Wah, I did some searching and found a credit union (Hanscom Federal Credit Union) that will go above the 80% LTV (they actually said they could go to 90%). Im in the process of going through their appraisal now so hoping to close with them if all goes smoothly. The only annoying part is that they use some sort of computer generated appraisal at first (which comes in low because it doesnt take into account local neighborhood or updates to the property etc) and if you disagree with the value then you have to pay $425 to have a full appraisal done so thats where i am in the process currently. Other than that they have been great to work with so far.
Hi Francisco, I disagreed with their initial computer generated appraisal. Im a real estate Agent so I pay close attention to the market especially in my own backyard, so I was fairly confident it was low. I paid the $425 to have an official on site appraisal, they were able to schedule it quick and it went very well. It came in at the value I was hoping for and was about $75k higher than their computer generated appraisal. We are in the process of closing the Home Equity line next week. Rate is 3.75% for going up to 85% LTV...we could have gone for a higher LTV (I believe as high as 95% but the interest rate was higher than what i would have felt comfortable with). Let me know if you have any other questions
Was gonna recommend Belmont savings but everyone beat me to the punch! Lowest rates I've seen so far. 1.99 intro and prime -.51 after if I'm not mistaken. 25k initial draw but if you need the cash sometime soon that's probably not a big deal. I thought Norwood bank was good I until I saw those numbers. I'm 99% sure I'm gonna go with Belmont savings for my heloc. Tyler Britland is the contact my business partner has been working with there.