HELOC up to 90% CLTV?
Looking to get a HELOC on my home to help get the place ready to sell and also use as a down payment for a new home I plan to buy in the next 6 to 18 months. US Bank will go up to 90%. What they offer is good, however I will more than likely end up closing this in under 36 months and get hit with the EPO cost of $500. Any Advice? by cameron.platee197... from Gainesville, Virginia. Jul 10th 2017
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Keep shopping. Not every home equity loan comes with an early payoff penalty, but most will. Lending isn't worth the risk unless there is enough benefit to the lender. Borrowing a bunch of money, and paying it off right away doesn't allow the lender to make enough money to take the risk. So hence, the EPO. I'd factor it in as a cost of doing what you want to do.
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