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Applied for a HELOC

September 18th, 2014 at 04:56 pm

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...

3 Responses to “Applied for a HELOC”

  1. Rachael777 Says:

    goood luck

  2. creditcardfree Says:

    Interesting...on the automatic value. When you need a roof...you need a roof. I know you have mentioned it before. It will feel good to have it DONE and then just get it PAID OFF.

  3. snafu Says:

    While it's unfortunate to need a new roof, it's wonderful that you've been offered a no fee, no appraisal, seemingly no cost HELOC at the CU. Does that mean the CU offers interest at prime or a point or two above? All that remains is to find a reliable roofing firm to take on the job and make a plan for re-payment to complete before rates are allowed to creep up.

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