HELOC on COOP

Have we not learned our lesson yet about turning our homes into cash machines?

NYCMatt, you beat me to it. If income is sufficiant and credit is great, what possibly would take a higher priority cash wise rather than having equity in this day and age? If I were ea3421, I would never run this by Suzie Ormon. She might take a swing with a good right hook before saying DENIED!

HELOC used responsibly is a perfectly acceptable tool. completely changes the rent / buy arguement as well.

what would you consider to be a responsible use for it?

its a source of low interest short term financing which is also tax deductible.

You can get them at TD Bank. They are really the only bank doing them any more.

james.mcpartland@wellsfargo.com

Wells is doing HELOCs but they want it to be behind a Wells first mortgage.

I can get you a streamline refinance with Wells for your first mortgage. Streamline refinances mean most of the time no appraisal reports required, little income or asset verification, low or no closing costs. However your existing mortgage has to be a Fannie or Freddie. Then I can get you a Wells Heloc.

Ellen Silverman
E.S. Funding Co.
www.instantlender.com

"I would never run this by Suzie Ormon. She might take a swing with a good right hook before saying DENIED!"

You mean the same woman who, before the mortgage meltdown, urged people to use all their available cash to "PAY DOWN DEBT!" and "USE YOUR CREDIT CARDS AND CREDIT LINES AS YOUR SAVINGS CUSHION!"

Yeah. Great plan. So many people who did that were left with their pants down and asses hanging in the breeze when they lost their jobs, had very little savings (CASH), AND had their home equity lines of credit and other credit lines revoked when they started missing payments.

What does Suze Orman, or for that matter, any of you know about what I will do with that money? I can invest it in my business and easily earn 15%+ a year on it. I didn't ask for financial advice. I asked for help getting a HELOC. Most people here finance 80% of the purchase price of their apartment. I only did 50%, and prefer to pull out the remaining 30%.

"EASILY earn 15%+ a year on it"...

I would love to know which line of business you're starting that promises a 15% "RISK FREE" return?

Most people that have businesses earn more than 15%. Otherwise they wouldn't stay in business.

but, how come you didn't know this when you put up 50%?

>
NYCMatt
"I would never run this by Suzie Ormon. She might take a swing with a good right hook before saying DENIED!"
You mean the same woman who, before the mortgage meltdown, urged people to use all their available cash to "PAY DOWN DEBT!" and "USE YOUR CREDIT CARDS AND CREDIT LINES AS YOUR SAVINGS CUSHION!"
Yeah. Great plan. So many people who did that were left with their pants down and asses hanging in the breeze when they lost their jobs, had very little savings (CASH), AND had their home equity lines of credit and other credit lines revoked when they started missing payments.

Matt, you and columbiacounty agree?

I am not sure if you where able to secure anything. We will lend up to 60% LTV on a coop with cash out.

Feel free to email me if you would like to discuss.

Mitchell

mcohen@firstrepublic.com

Of course you would.

You'd lend up to 60% to anyone with a pulse, credit rating (or employment status) be damned!

Just collect that commission!!!!

We got a HELOC on our co-op from Chase when our mortgage was also 50% LTV. They gave us a 10-yr HELOC for 25% LTV. It cost $400 plus an annual fee of $50. We originally got it because we were looking for a new place and we wanted to have deposit money readily available if we found something before we sold our place. Of course, today, we would never contract for a new place without having sold ours, but it remains a source of credit if we need it in the future. We keep it because the bank won't give you a line of credit when you actually need it.

NYC Matt- We are a private bank that lends to high net worth clients who qualify. We check credit, employment, net worth and their pulse. We even look at the real estate they are borrowing against. But I am sure you knew all that because you took the time to do research. And I am not on commission. Just trying to share what is available in the market and provide a service to those looking for options.