Re: Lending rate question
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Matt,
I don't know if this will apply to your situation or not, but I had several friends do the following....
They obtained the best primary mortgage that they could get, and just took whatever HELOC the broker pushed on them. Then immediately after buying the home, they were able to walk into a bank and get a much better rate on a HELOC. The banks were able to give them a better interest rate and there were no fees to obtain the loan. They used that to pay off the initial HELOC.
In short, get the best primary mortgage you can, then refi the HELOC portion later to save some money.
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there is no reason that a broker can't get just as good a HELOC as any local bank you walk into. Plus, at 95%, most community banks won't touch it at prime minus .50%.
Also, 30 year fixed 2nds have been priced better than HELOCs for the past year or so. F/D, 95% CLTV w/ good credit, $100k plus, should be in the low to mid 7's.
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