Home Equity Line of Credit

IMPORTANT NOTE: THIS IS NOT AN OFFER OF FINANCING. This info was gathered by a client as they searched for HELOCs and is provided as a starting point for you to call lenders and get your own quotes and see what they are still offering.

The following are some banks which offer a Home Equity Line of Credit or HELOC. The information presented below was current as of June 2019.

1st Bank

Loan Size: Negotiable
Rate: Prime plus 0
Fees: for loans under $100,000 : $150-$350 over $100,000 : $800-$1,000
LTV: 80%
Amortized or Interest only: Interest only
Term: 10 years
Primary or Investment Property: Both. Investment properties were prime plus one if in 1st position, 75% LTV 3 year term, 1% origination plus the other fees.
Other: If you move your accounts and money to them they can offer better deals for you.

Advantage Bank

Loan Size: Any
Rate: Prime minus .5
Fees: Negotiable but the want 15 origination unless you keep a bunch of deposits there
LTV: 80%
Amortized or Interest only: Interest only for 2 years then amortized
Term: 10 year
Primary or Investment Property: Both. Investment properties are Prime + .75 and 70% LTV
Other:

ANB Bank

Adna Romero – VP of Lending
Phone: (970) 744-2303
Email: teri@terievans.com
Website: https://www.anbbank.com/

Loan Size: Any
Rate: Prime +1
Fees: $100 origination and $100 annual fee, $300-$500 for an appraisal
LTV: 75%
Amortized or Interest only: Interest only
Term: 7 years
Primary or Investment Property: Both, their product for LOC on investment properties is exactly the same.
Other: They don’t have a minimum credit score you just can’t have had a Bankruptcy in the last 3 years. DTI 43%. They love working with RE investors, portfolio loans are their bread and butter and they have clients with over 50 loans on properties. They can also bundle properties together for a LOC.

Anheuser Busch Credit Union

Loan Size: Any
Rate: 2.49% for 12 months the prime
Fees: $800-$1200
LTV: 90%
Amortized or Interest only: Interest only
Term:
Primary or Investment Property: Primary only
Other:

Bank of Colorado

Loan Size: Any
Rate: Prime + ,49 at 70% LTV and Prime + .74 at 80%LTV
Fees: $850
LTV: 70-80%
Amortized or Interest only: Interest only
Term: 10 years
Primary or Investment Property: Primary only
Other: If there is a balance due at the end of the 10 year term it kicks over to a 10 year amortized loan.

Bank of the West

Loan Size: Any
Rate: Prime + .8 at 70% LTV and higher rates for higher LTV’s
Fees: $75 annual fee unless you keep $25,000 in their bank
LTV: 70-85%
Amortized or Interest only: Interest only
Term: 10 year
Primary or Investment Property: Primary only
Other: They run promotions regularly for better deals. Currently, if you take $25,000 at closing they will do prime minus 1.01%.

BBVA

Loan Size: up to $500,000
Rate: Prime minus .01%
Fees: none
LTV: 85%
Amortized or Interest only: Interest only
Term: 10 years
Primary or Investment Property: Primary only
Other: DTI was at 40%, credit 720, and you need to draw $50,000 in the first 15 days, keep it out for 3 months and set up auto pay to get prime minus .01.

Canvas Credit Union

Loan Size: Any
Rate: Prime +.4
Fees: None
LTV: 80%
Amortized or Interest only: Interest only
Term:
Primary or Investment Property: Both. On Investment property 70% LTV, Prime plus .9 for 10 years and $600 to close
Other:

Chase

Loan Size: $250,000-$500,000
Rate: Prime + .25 to prime + 2.14
Fees: $50 origination and $50 annual fee (waived for chase “private clients”)
LTV: up to 80% but 60% to get the best rate
Amortized or Interest only: Amortized 20 years
Term: 10 years
Primary or Investment Property: Primary only
Other: It is possible to get a rate of 5.63% by being a Chase customer and meeting several other criteria.

Community Banks of Colorado

Loan Size: Any
Rate: 6.25% for 6 months then prime + 0
Fees: $500
LTV: 90%
Amortized or Interest only: Interest only
Term: 10 years
Primary or Investment Property: Primary only
Other: They will decrease the rate if they are in 1st position.

Elevations Credit Union

Loan Size: Negotiable
Rate: Prime + .90% at 80% LTV Prime + 1.65% at 90% LTV
Fees: Unknown
LTV: 80-90%
Amortized or Interest only: Interest only
Term: 10 years then if a balance is owed 10 more years amortized at 10 years
Primary or Investment Property: Primary only
Other: Fixed rates were available from 7.24-8.24%.

First National

Loan Size: Any
Rate: Prime minus .25 or 5.99% fixed for 5 years
Fees: $600-$800
LTV: 80%
Amortized or Interest only: Interest only
Term: 10 year
Primary or Investment Property: Both. For investment property that is single family they may do something different but for Multifamily Prime plus 1, with a 12 month term, they need updated financials to renew every 12 months, they must be in 1st position, 75% LTV and $1500 to close
Other:

Foothills Credit Union

Loan Size: Any
Rate: Prime minus 2 at 80% LTV and Prime minus 1 at 90% LTV
Fees: None
LTV: 80-90%
Amortized or Interest only: 15 year amortization
Term: 15 year
Primary or Investment Property: Primary only
Other: This is only for properties in CO. This is a promotion that states the application has to be in by June 1st. First 12 months are locked at prime minus 1 or prime minus 2.

Great Western

Loan Size: Any
Rate: Prime +.5% or Prime +1 fixed rate
Fees: Negotiable
LTV: 90%
Amortized or Interest only: Interest only
Term: 5 years
Primary or Investment Property: Primary only
Other: Must have credit score over 775

Key Bank

Loan Size: Negotiable
Rate: Prime minus .25
Fees: $50 annually
LTV: 80-85%
Amortized or Interest only: Interest only
Term: Unknown
Primary or Investment Property: Primary only
Other: 43% DTI can close in 2 weeks.

Versus Bank

Loan Size: Any
Rate: Prime or Prime +1 if fixed
Fees: Negotiable
LTV: 80%
Amortized or Interest only: Interest only
Term:
Primary or Investment Property: Both. On investment properties 2 year term, 75% LTV, Prime +1 and 1% origination fee
Other: They will negotiate a lower rate if they are in 1st position.

Have Something to Add?

Please feel free to pass along any updates you may have with these or other HELOC’s you have come across.

>