[villagetinker]

Originally Posted by jnieman

Did you get a fixed rate on your home equity loan? We just got one with SunTrust and it took less than 2 weeks but it is adjustable rate. They did originally quote me a 30 day lead time but it processed very quickly. We will have the cash in our account in just about 2 1/2 weeks from the time we applied but do have to keep the account open for 3 years to avoid penalties. There were no closing costs. We are adding on a bird cage and enclosing the lanai.

Our terms were the same as yours, variable rate, 3 years to avoid closing costs, and interesting, we added a birdcage, but are not enclosing the lanai, the cat did not approve the enclosing of the lanai.

In our case we wanted to start construction, and were lead to believe that the builders typically file a lien at the time the contract is signed, and if that were signed before the loan went through, chaos would ensue. By securing the loan first we avoided the chaos, also as it turns out our builder did not file a lien anyway.