Who’s got the best HELOC rates

[Jorge Garcia]

I'm thinking about doing a HELOC or HELOAN for one of my properties but I'm a first timer. Can anyone explain me the pros and cons of each and what are some of the best banks lending at this current time in Florida?

[Kerry Baird]

There are a lot of differences, really from lender to lender. I like to use a community bank or a credit union. My favorite credit union is Navy Federal, because they offer a long draw period. Some have a fixed interest rate for a short period of time, some have a fixed period for a long time; some allow you to "lock" an amount you draw at the rates of the day (PNC). Some allow you to have a HELOC in first position, while others only want to be in second position. My advice is to pull your own credit scores so you know what your own FICO is, and ask the local (to the property) credit unions.

Last thought is that it is so much easier to get one on your primary residence vs on an investment property.  You'll want to do research on how much of the interest, if any, is deductible, because taxes also matter to me.  

[Melvin List]

@Jorge Garcia What loan to value are you looking for?