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#152359 - 07/02/07 05:39 PM
No Cost HELOCS
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Member
Registered: 03/28/06
Posts: 28
Loc: Fresno, CA
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Hi everyone. I have borrowers in WI, who is in need of a HELOC or personal line of credit to go on our MMA Mortgage Acceleration program.
The borrower had previously gone to her bank but due to her and her husband being fairly new homeowners, the bank would only give them a loan but not a HELOC.
If anyone knows of a Broker in WI who does no cost HELOCS, let me know. We'll probably have more borrowers to send to them & establish a working relationship.
Thanks guys.
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"Don't miss the opportunity to be a miracle to someone"
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#152468 - 07/03/07 03:00 AM
Re: No Cost HELOCS
[Re: Smiles]
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Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
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I'm curious on how long they have owned the home. Any idea on their credit situation or scores?
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Sean Pham
Phamport, Inc.
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#154029 - 07/09/07 10:36 AM
Re: No Cost HELOCS
[Re: Promise Land]
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Member
Registered: 04/11/06
Posts: 90
Loc: Florida
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Scores
LTV
Doc Type
This information would really help you get the information you are looking for.
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#154162 - 07/09/07 06:56 PM
Re: No Cost HELOCS
[Re: Smiles]
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Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
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No worries, Cool guy! It's always nice to ask questions... that's what we're all here for  HELOC is an acronym for "Home Equity Line of Credit", so they are one in the same.
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Sean Pham
Phamport, Inc.
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#155493 - 07/14/07 12:08 PM
Re: No Cost HELOCS
[Re: Cool guy]
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Member
Registered: 06/13/07
Posts: 31
Loc: Corbin KY
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Not trying to steal this thread but a LO told me a HELOC and Home Equity Line of Credit are two entirely different things. Is this true? The LO is crazy HELOC = Home Equity Line of Credit
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#155494 - 07/14/07 12:10 PM
Re: No Cost HELOCS
[Re: adamhill]
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Member
Registered: 06/13/07
Posts: 31
Loc: Corbin KY
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There are no cost HELOC loans, Charter Bank does them but they don't pay much to the LO. $750 for one >25K and $1000 for anything over. Find a broker and ask them about Charter 1.
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#155547 - 07/14/07 04:13 PM
Re: No Cost HELOCS
[Re: adamhill]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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Gotta go with Flagstar on this one. No cost and small referral fee, but I love them. Great rates. I am doing a 2nd right now with a 671 mid fico, SIVA because Flagstar doesn't care about assets on their stand-alone 2nds and HELoCs, loan amount is 77k, rate is 9.00% 30/15 no PPP. They are paying me 1,000.00 and there are no other costs. Check them out wholesale.flagstar.com
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Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#156334 - 07/18/07 10:16 AM
Re: No Cost HELOCS
[Re: Prodigy]
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Member
Registered: 06/13/07
Posts: 31
Loc: Corbin KY
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Ive used flagstar before but not for HELOCs sounds about identical to how charter pays and about the same rates though. It's really a good deal for the consumer.
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#159823 - 08/01/07 10:32 PM
Re: No Cost HELOCS
[Re: adamhill]
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Member
Registered: 08/01/07
Posts: 10
Loc: FL ORLANDO
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Edited
Edited by Promise Land (08/02/07 02:13 AM)
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#159847 - 08/02/07 12:09 AM
Re: No Cost HELOCS
[Re: Mr Pruden]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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Every time I read one of your posts I feel like I'm getting yelled at...
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#159848 - 08/02/07 12:11 AM
Re: No Cost HELOCS
[Re: Prodigy]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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BTW, do you actually have the legal right to use Pac-Man as a marketing tool? That would be pretty cool, I would use Batman though.
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Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#159850 - 08/02/07 12:12 AM
Re: No Cost HELOCS
[Re: Prodigy]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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And you sell Sirius Satellite Radio! How frikkin cool!
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#159853 - 08/02/07 12:19 AM
Re: No Cost HELOCS
[Re: Prodigy]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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After looking over your site I am confident that you are in violation of many laws.
#1 Serious copyright infringement
#2 Quoting rates without an APR
#3 Spelling, should be a law...
#4 Do you seriously have ads on your site for other mortgage companies?!?!?
#5 Can't find your DRE info anywhere
Maybe these things are legal wherever you are, not sure.
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
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Registered: 06/27/10
Posts: 376
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), but he kept insisting they were both entirely different. He had two of my deals fall out of escrow and he just told me this three days ago. 
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