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Any HELOC tips?

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  • evgeniusleo
    replied
    Originally posted by Singuy View Post
    15%!? Which country is this?

    The Republic of Belarus is bordered by Russia, Ukraine, Poland, Lithuania and Latvia.

    May be less or above this percentage
    Last edited by evgeniusleo; 06-26-2017, 01:06 AM.

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  • Singuy
    replied
    15%!? Which country is this?

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  • evgeniusleo
    replied
    Originally posted by disneysteve View Post
    I just applied for the HELOC. Current rate is 3.99% though I realize that will likely go up soon as the Fed raises rates. It should close in plenty of time to draw on it for fall tuition in August.
    I envy you!
    A very small percentage.
    In my country the current rate is 15%

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  • disneysteve
    replied
    Originally posted by Singuy View Post
    Did you have to pay a closing cost? The HELCO I've taken out with Suntrust didn't have a closing cost as long as it's open for at least 3 years.
    Nope. No fees at all to open the line. There is a $65 annual account fee but it is waived the first year.

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  • Singuy
    replied
    Did you have to pay a closing cost? The HELCO I've taken out with Suntrust didn't have a closing cost as long as it's open for at least 3 years.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by bjl584 View Post
    HELOC's are one of the easier credit tools to open. They are pretty straight forward.
    I'm hoping the process is quick and easy. The application was simple enough. We don't have a complicated situation, our only debt is a small mortgage and a very small student loan, we have lots of equity, and we have a ton of assets relative to the amount we're looking to borrow. Plus we both have credit scores between 830 and 850. I don't think we should have any trouble getting approved.

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  • bjl584
    replied
    I have one through a smaller regional bank.

    I had to have an appraisal done, but that was it. HELOC's are one of the easier credit tools to open. They are pretty straight forward.

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  • disneysteve
    replied
    I just applied for the HELOC. Current rate is 3.99% though I realize that will likely go up soon as the Fed raises rates. It should close in plenty of time to draw on it for fall tuition in August.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Jluke View Post
    would the interest really be deductible if the Standard Deduction is raised?
    I have no idea. I was basing that comment on current tax law. But ultimately, I don't care if it is or isn't. Just getting a rate that is 2-3% lower than the PLUS would be sufficient savings. If it turns out to be deductible, even better.

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  • Jluke
    replied
    Originally posted by disneysteve View Post
    the interest rate will be a couple of points lower and tax deductible.

    Anything else I need to be watching out for?
    I've lost track of the tax reform initiative, but I think that would be one thing to look out for. would the interest really be deductible if the Standard Deduction is raised?

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  • disneysteve
    started a topic Any HELOC tips?

    Any HELOC tips?

    Last fall, we took out a Parent PLUS loan for college. I realized later that it really wasn't a great idea. It would have been far better to do a HELOC, so my plan for the coming school year is to do just that. I want to open a HELOC, draw out what we need to pay off the PLUS loan (about $7,500 at the moment) as well as what we need for the fall semester (also around that same amount - $7, 500). We'll avoid the 4+% origination fee and the interest rate will be a couple of points lower and tax deductible.

    I searched at Bankrate.com to find a place with no required draw and a good rate. Anything else I need to be watching out for?
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