Home Equity Without Much Headache By Maliki2 on - Updated Sep 18, 2011
We were looking to consolidate some high interest credit cards that we owned. We had some equity in our house and decided to search out a good Home Equity Loan. We initially approached out bank, Vermont Federal Credit Union, and they were more than ready to help out. They handed a application to us, and we filled it out. Some things you might want to collect are your outstanding debts and what you plan to use the home equity for. They will ask you that. We submitted and were approved without a hitch.
The loan counselor made it much easier than I had expected. We had a appraiser come out and appraise the home, and we paid the closing cost. And that was about it. The money was deposited shortly after that.
Currently the rates are pretty good and as of today, 4.95% up to 7.25%. It all depends on how much Loan to Value you have, or if you have line of credit, or fixed. Ours was a fixed loan and one of the things I like about it, is I can transfer from my checking/savings right into the home equity loan on line.
I had a great experience with VTFCU and I would use them again.
About The Author:
Vermont Federal Credit Union Home Equity Loan
Glad you are having a positive experience doing this.
Nice to know you had a good experience with this loan company.
Glad that everything worked out well for you. Thanks for sharing.
With approximately 21% ($84 billion) of its total loans comprised of home equity,” analyst Christopher Mutascio writes, “we are not convinced that the company’s 4Q07 $1.4 billion loan loss reserve build is adequate for the types of loan loss experience that could occur if housing prices continue their slide. ------------ Raaj Home Loans