Looking for best short term loan options

[fatnslow]

I have some unexpected expenses coming up for 2022 and have never only carried mortgage debt. I need about $30K ,what are low cost loan options ? Currently have one mortgage with plenty of equity to cover , just don't know anything about securing a personal line of credit and what is considered low cost. IDK shit about HELOC and the costs associated with getting one as well as other personal lines of credit.

[irul&ublo]

I have some unexpected expenses coming up for 2022 and have never only carried mortgage debt. I need about $30K ,what are low cost loan options ? Currently have one mortgage with plenty of equity to cover , just don't know anything about securing a personal line of credit and what is considered low cost. IDK shit about HELOC and the costs associated with getting one as well as other personal lines of credit.

Check Credit Unions and shop around mortgage companies. A HELOC can be taken and not spent, so maybe you get approved for 50, and spend only 30. It can be used an emergency back up. I've had an approved HELOC for years, that was used once, and paid back. The approved amount is still available, and doesnt cost me anything.

Again....shop around. A HELOC or a second with plenty of equity cushion is probably going to be the cheapest.

[Danno]

I have some unexpected expenses coming up for 2022 and have never only carried mortgage debt. I need about $30K ,what are low cost loan options ? Currently have one mortgage with plenty of equity to cover , just don't know anything about securing a personal line of credit and what is considered low cost. IDK shit about HELOC and the costs associated with getting one as well as other personal lines of credit.

I am no expert, but if you have a lot of equity, a HELOC is probably the best way to go. An unsecured loan may be available at your bank, but it is likely to be on worse terms.

If you have a local bank or credit union that you deal with (even if they aren't the servicer of your mortgage), a good starting place is talking to them. My credit union offered a no-cost HELOC at a pretty good rate; the only cost was if you closed it within 2 years (but paying the loan off is not the same as closing it). Only reason we ever had to close it was a refinance of the primary mortgage, but the closing costs we incurred were just a couple of hundred bucks.

[fatnslow]

I am no expert, but if you have a lot of equity, a HELOC is probably the best way to go. An unsecured loan may be available at your bank, but it is likely to be on worse terms.

If you have a local bank or credit union that you deal with (even if they aren't the servicer of your mortgage), a good starting place is talking to them. My credit union offered a no-cost HELOC at a pretty good rate; the only cost was if you closed it within 2 years (but paying the loan off is not the same as closing it). Only reason we ever had to close it was a refinance of the primary mortgage, but the closing costs we incurred were just a couple of hundred bucks.

Thanks, I'll give both my CU and bank a call. I don't know IF a HELOC has all kids of fees associated like doc/closing/appraisal.

[irul&ublo]

Understand that a second mortgage and a HELOC are different creatures. A second is a loan for a specific amount for a number of years. These days, with interest rates still historically low, the rate is typically fixed. A HELOC, is a line of credit secured by the property, that can be drawn on as needed. HELOCs are usually variable, that is they will adjust based on some index every few months. The rate in place at the time you access the credit line, is what will apply.

Shop for fees, but expect that you will likely get at least dinged for a title search and title insurance. The lender still needs to be sure of its place as a secured party.

[fatnslow]

Understand that a second mortgage and a HELOC are different creatures. A second is a loan for a specific amount for a number of years. These days, with interest rates still historically low, the rate is typically fixed. A HELOC, is a line of credit secured by the property, that can be drawn on as needed. HELOCs are usually variable, that is they will adjust based on some index every few months. The rate in place at the time you access the credit line, is what will apply.

Shop for fees, but expect that you will likely get at least dinged for a title search and title insurance. The lender still needs to be sure of its place as a secured party.

I understand, don't mind paying hundreds, just don't want to pay in the thousand range.

[liv2ski]

This company is really hard to beat on a HELOC with low to no fees and low APR after the initial teezer rate period expires. https://www.53.com/content/fifth-thi...ome-loans.html

Act now to get an introductory Annual Percentage Rate (APR) of 1.99% for 12 months with variable APRs ranging from 3.75% - 7.40% thereafter.1

Low variable rates
Revolving line of credit
No closing costs
Interest only payments for the first 10 years1,6
Interest may be tax deductible5
Funds available via check, Fifth Third Equity Flexline Mastercard®, online, in person, or at an ATM
Use the Fifth Third Equity Flexline Mastercard® to enjoy easy access to your home equity line of credit and earn rewards at the same time
Ability to lock in your balance at a fixed rate with a fixed term for a $95 fee

[dunfree]

Lex Greensill

[Danno]

Again, the HELOC at my CU had zero fees, other than they would charge me the fees if I closed the HELOC within 2 years. My first HELOC, I had open with a zero balance for ~5 years, closed it because of a refi then got a new one after the refi was done (but then refi'd again and had to pay fees because the closure came less than a year after I opened it).