Mortgage/equity loan
 

I have a high interest line of credit loan. 6.+. I have excellent credit score, so I need to fix that error in financing.

Has anyone had any recent dealing with online lenders? I would want low start up fees because I plan to pay it off if I sell my house(of coarse) or pay principal and interest monthly, but would pay off within a year.

Online borrowing would be new to me, so any suggestions would be appreciated. TIA

In 2018 I was planning to refinance to lock in a fixed rate. The on-line lenders are predatory. As soon as you click "OK" you are deluged by lenders who assume you are stupid or desperate or have poor credit. The rates and closing costs were horrible. Much worse than the local name-brand banks. I eventually got a good deal at my old employer credit union.

I am using them now for a home equity line of credit. Could have locked in a 3.99% but needed larger loan-to-value, so I took 5.25%. A little less than Wells Fargo.

Thanks for the information. I had been reading good reviews.

Citizens Interest only payments unless you want to pay more. If you agree to keep loan for 3 years at a fee of $99 per year there are NO Closing Costs.

We just refinanced with VyStar credit union on 466A. Great rate, and no closing costs. In return, we had to agree to keep a savings account there, and to keep the loan for minimum 3 years.

Excellent service, very happy.

This was not one of those deals where they roll the closing costs into the loan. VyStar actually paid the closing costs.

Went to take out a home equity line of credit, went to the local banks as well as Chase, ended up with CBT, at the time they offered the 'best' option. now this was an adjustable rate loan and when the interest rates went up, i decided to pay off, right after the 3 year time limit to avoid the above mentioned costs. I would always deal locally for home equity lines of credit.
On a side note, i think I had to provide MORE documentation for this loan than I did for the original mortgage! Also, Chase was really annoying, even tough I had a long term Chase charge account, I was treated as if they never heard of me.

Chase is tough to deal with in many ways. They love rules more than any bank I ever dealt with. I'm disappointed in them but it works best when we travel up north so what are you gonna do?

They even make you bring your own plastic bag to take home the Cash. (See Publix Thread About Plastic Bags) :1rotfl:

To the OP try giving Rocket Loans a call. I've heard they a quick but haven't checked their rates. Good Luck.

I would use one of the top 10 credit unions. You qualify in membership with these two by making a donation to a selected charity.

Navy Federal CU, the world's largest.

And

Pentagon Federal CU.

Both have a large on line presence. Navy has branches in Florida. Their mortgage office is here as well.

The rates are good the fees are minimal.

I would stay away from banks including USAA. I found the developer owned bank non-competitive. The fees were above credit union rates with no exceptions.

If you have a financial account, look to see if you can obtain an equity loan against the account. We did one with Wells Fargo Advisors several years ago. It was easy, hardly any paperwork and a very reasonable loan rate.

To OP, the above suggestion may be a good one, as you would be paying yourself any interest. To Annie66, I should have thought of this, as I was considering the same option when I took out the home equity loan.

On Line Lenders, Predatory when you click OK
 

Going off topic to your comment on when searching on line and clicking OK the sites are predatory.

I just found out how to by pass on my iMac and prevent cookies from being deposited. This eliminates the predatory sites filling your email with ads.

At the top bar - far left side see: "Safari" .....File...... Click on "FILE" - and you see "NEW PRIVATE WINDOW". Click here; this changes the browser line to gray. Now you can scan the internet all you want with no cookies, and you are doing it behind the scenes. Incognito it is called. I know the same thing exists for other devices, I just don't know the name in each devise. Hope that helps some with surfing under the radar!

SunTrust on 466 near the high school does them.

We just did a home equity through Third Federal on line.(Ohio) By far the lowest rates that we could find. The bummer is that we had to pay Sumter county 1100 bucks in order to get it.

Nothing is free! Once you do either home equity or refinancing, figure out the total matured cost to determine whether it is COST-EFFECTIVE or not.

Some online lenders good
 

I disagree with Buzzy. We refinanced on a previous home before moving to TV. Used Quicken Loans- excellent rate, no closing costs and good service for the 6 years we had that mortgage before selling house to move here.