DH and I discussed the need to get a new roof on the house this year. And the need to not drain the EF completely. The solution that made the most sense was a HELOC (not that we are excited to take on more debt!). Once we decided to go that route we visited our local credit union to get some information. It felt really good to have DH participating in the process and making an educated financial move.
Because our loan to value ratio is very favorable our CU offers a zero cost HELOC. We won't be paying for an appraisal or any document, notary or closing fees.
As far as our home value I found this very interesting:
"We will not need to order an appraisal for this mortgage and will utilize the automated value of $421,400.00."
(That's quite a value - Wow! Wonder how that gets calculated? Zillow has us valued at $391,700.)
I filled out the application online from home. Then a few days later received an email from our loan officer requesting documents - W2s, tax returns, mortgage note, proof of insurance, etc. I submitted all that by fax.
Now we are waiting...
Applied for a HELOC
September 18th, 2014 at 11:56 pm
September 19th, 2014 at 12:56 am 1411088196
September 19th, 2014 at 01:20 am 1411089613
September 19th, 2014 at 10:59 pm 1411167546