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Old 05-14-2015, 06:00 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,656,269 times
Reputation: 3740

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Just doing my best Long island accent for you,

With all the money being thrown around on my latest round of projects, I decided to get a "HELOCK"
(home equity line of credit) for the house, and my $135K house just appraised for $220k!

I guess things are picking up in Las Vegas!



Jonathan
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Old 05-14-2015, 06:47 AM
 
2,449 posts, read 2,612,841 times
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Congrats, Mac! Now don't get caught up in over-improving!
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Old 05-14-2015, 07:00 AM
 
3,598 posts, read 4,959,928 times
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How long ago did you pay $135k? What time frame are we talking here? What zip code?
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Old 05-14-2015, 07:04 AM
 
399 posts, read 695,822 times
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How has the process been for you? Did you go through a bank? Did you have any out of pocket costs? How long did the process take?

I would like to HELOC and while I have done some research on the web, I still have questions.

Appreciate your help.
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Old 05-14-2015, 07:37 AM
 
8,425 posts, read 4,599,836 times
Reputation: 5607
And it begins all over again.
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Old 05-14-2015, 08:20 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,656,269 times
Reputation: 3740
I bought the house 4 years ago, zip code 89103 = The HELOCK is a easy process for the most part, USBank was having a 5 month 1.5APY promotion, Since I only need the money for a few months this was perfect for me.

you apply online, then you need to bring a copy of your income / taxes for the last 2 years, and a copy of your homeowners insurance, no deeds, no paperwork like that. (to the local branch)

They do a drive by assessment of your home (there is a charge, MAYBE no one can give me a straight answer on that)
In 2 months time you know if you are or are not approved.

you can check the progress online with a special link

Any other questions?

Jonathan
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Old 05-14-2015, 08:22 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 7,656,269 times
Reputation: 3740
Quote:
Originally Posted by PhureeKeeper View Post
Congrats, Mac! Now don't get caught up in over-improving!

TOO LATE



Jonathan
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Old 05-14-2015, 01:37 PM
 
Location: Orange County/Las Vegas
2,566 posts, read 2,752,464 times
Reputation: 2530
They did a drive by appraisal of your house and are charging for it? That is almost the same as just looking up the comps online. I guess the banks try to charge you for everything.

Anyway good luck on your house. I have spent a lot on improvements on our house and I'm afraid that I am overspending. It never stops because there is always something that can be done.
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Old 05-14-2015, 09:06 PM
 
1,384 posts, read 1,685,298 times
Reputation: 737
Hi JOnathan, Can I come over and check out your install?
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Old 05-15-2015, 01:51 AM
 
Location: Las Vegas
14,229 posts, read 30,094,267 times
Reputation: 27689
OMG! Congratulations...I guess. I just hope this doesn't mean the whole mess is starting over again.
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