Yup found that right after i closed mine. I've got a family member I sent to them. Hers is closing this week. Took about 60-75 days. Got a $50k HELOC just to have for peace of mind
It appears Third Federal does not give HELOC if the home is held in a family trust. Heard about this kind of restriction for the first time.
Anyone is able to get HELOC at good rates from any other Bank/CU which do not have such restriction.
An entity cant take out a mortgage. You have to take it out of the trust for the refi then once it closes you quit claim it back in. It is done every day
Got it. Thanks.
Yes, that is how it was for mortgage loan refinance.
I was hoping bank will do it by themselves during the HELOC process, but it appears I would need to move the home out of the trust myself first with Third Federal.
holy shet. that is good.
.
Yup found that right after i closed mine. I've got a family member I sent to them. Hers is closing this week. Took about 60-75 days. Got a $50k HELOC just to have for peace of mind
Do it now and put it all into bonds that yield 6%. What could go wrong?
Just got a HELOC from third federal as well. The rate floats daily with Prime though, so borrower beware!
Josh
Josh
No loan mod?
Josh
No loan mod?
SDR, I'm unsure what you mean? I didn't refi beforehand no, so I am stuck with my 2.8 15 year fixed.
Josh
I just got a no-cost 15 year fixed mortgage for 2.375
Just giving you the business ;)
which is fine, if I understood what your/it/my business is! Context is key, but grammar is so important!
It appears Third Federal does not give HELOC if the home is held in a family trust. Heard about this kind of restriction for the first time.
Anyone is able to get HELOC at good rates from any other Bank/CU which do not have such restriction.
An entity cant take out a mortgage. You have to take it out of the trust for the refi then once it closes you quit claim it back in. It is done every day
Got it. Thanks.
Yes, that is how it was for mortgage loan refinance.
I was hoping bank will do it by themselves during the HELOC process, but it appears I would need to move the home out of the trust myself first with Third Federal.