Shopping for a Home Equity Line... any suggestions?

[sleuth]

I'm shopping for a Home Equity Line of Credit for a new used car purchase. So far, I'm not really happy with what I've found out there, having looked at State Farm Bank, GMAC, and Bank of America.

Anyone have any suggestions for other places that you've had good experience and gotten good deals from?

 

[kwillia]

Sleuth, you mentioned some of the bigger names as ones you have already decided against... not sure how any other places will be much different from them... what exactly weren't you happy with....

 

[sleuth]

Originally posted by kwillia
Sleuth, you mentioned some of the bigger names as ones you have already decided against... not sure how any other places will be much different from them... what exactly weren't you happy with....

Well, State Farm Bank doesn't seem to offer any home equity lines in Maryland, according to their website. I'm still waiting for a call from my agent to be sure.

GMAC had a 15 year payoff, with a variable interest rate that could go as high as 14.25%.

Bank of America is the best I've got so far, and right now I'm leaning toward them, if anything. They have a fixed rate option, although it costs a little more than the variable rate is right now.

Someone suggested I check with the Cedar Point Federal Credit Union. I haven't done that yet, because I don't really want to open another checking or savings account to get eligibility.

But I've heard of some online banks that offer low fixed rates with no annual fees and flexible payment plans. I'd like to see if anyone else has found something like this and who it was through??

 

[cattitude]

Most equity LINES of credit are variable rates.

FIXED rates are usually an actual second mortgage.

 

[sleuth]

Originally posted by cattitude
Most equity LINES of credit are variable rates.

FIXED rates are usually an actual second mortgage.

I'm all new to this. Just trying to find the best deal. :shrug: And I got to do it soon. My car has been overheating lately, and I don't want to have to fund another expensive repair just to hold me over a couple months, since I planned on buying a car before this fall anyway.

The overheating has moved up my schedule.

 

[FancyBelle]

I have been dealing with ING Direct for a few years and I am absolutely happy with them. Worth a look.
home.ingdirect.com/products/products.html

 

[jazz lady]

We used to have one through Calvert Bank & Trust. It allowed you to draw on your line of credit up to the limit. Every year they would look at your account. If you were in good standing, they would renew your ability to draw on the account. Draws were a minimum of $100 and done by checks. I am pretty sure it was a fixed rate in the 7% range.

Here's their website: www.calvertbank.com

 

[Oz]

I opened a line with DeepGreenBank-dot-com in April. Did a lot of online research before deciding on them. I think I'm 1/4 percent below prime (which means it just went up to 4%!)

Be prepared to pay slightly less than 1% of your credit line to Maryland for a recording tax on your credit line. Aside from that, which you will pay with anyone, the line is cost-free, and basically becomes a 20 year adjustable mortgage after the initial 5 or 10 year draw period.

 

[czygvtwkr]

Have you checked out Cedar Point Federal Credit Union? I almost used them to buy my new car, would definately use them to buy a used car.