Quote:
Originally Posted by lrvalley
When we sold the old home, we paid off the home equity loan, and now have an open line of credit for 80% of the new home. The bank even pays all the closing costs!
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Which bank waives the closing costs on home equity loans that are paid off quickly where the funds are available at closing and secured by the new purchase? We are looking to buy next Spring and contacted a few lenders in the area. Community Bank and Trust has a heloc program where the funds are available at closing but it does have closing costs. Citizens does not have a like program but does have a bridge loan product with higher costs than the heloc at Community. I was talking to an out of state mortgage banker today who commented that third party closing costs have been escalating rapidly.