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Allen
Allen
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Firstly, congrats on a mortgage-free home!

I wanted to echo that what you want is the "Home Equity Loan" aka fixed rate loan.

I noticed you mentioned a lot of bigger/national financial institutions (Chase, Citi, 5/3), have you looked into your local community bank or credit union? Local institutions have the potential to be more flexible and creative in their financing if they keep their loans on the books.

I did a search for "home equity loan 1st lien position" and came across two credit unions on the first page of search results that specifically offer this product (Beth Page FCU and Atlantic FCU). I presume that there would be more that you might qualify for based on where you live, work, go to school, worship or are related to. I have no investments in either FI, but it sounds It looks like first lien position home equity loans are still a thingpossible but you'll have to venture outside of the big banks to get one.

Another option that you might consider: get the HELOC, borrow/lend the money, then re-fi into a 15-year mortgage. This is the long way around and incurs additional costs but might open up more options for you since you're not looking for a first position home equity loan, you're just doing a 1st position mortgage.

Allen

Firstly, congrats on a mortgage-free home!

I wanted to echo that what you want is the "Home Equity Loan" aka fixed rate loan.

I noticed you mentioned a lot of bigger/national financial institutions (Chase, Citi, 5/3), have you looked into your local community bank or credit union? Local institutions have the potential to be more flexible and creative in their financing if they keep their loans on the books.

I did a search for "home equity loan 1st lien position" and came across two credit unions on the first page of search results that specifically offer this product (Beth Page FCU and Atlantic FCU). I presume that there would be more that you might qualify for based on where you live, work, go to school, worship or are related to. I have no investments in either FI, but it sounds like first lien position home equity loans are still a thing.

Another option that you might consider: get the HELOC, borrow/lend the money, then re-fi into a 15-year mortgage. This is the long way around and incurs additional costs but might open up more options for you since you're not looking for a first position home equity loan, you're just doing a 1st position mortgage.

Allen

Firstly, congrats on a mortgage-free home!

I wanted to echo that what you want is the "Home Equity Loan" aka fixed rate loan.

I noticed you mentioned a lot of bigger/national financial institutions (Chase, Citi, 5/3), have you looked into your local community bank or credit union? Local institutions have the potential to be more flexible and creative in their financing if they keep their loans on the books.

I did a search for "home equity loan 1st lien position" and came across two credit unions on the first page of search results that specifically offer this product. I presume that there would be more that you might qualify for based on where you live, work, go to school, worship or are related to. It looks like first lien position home equity loans are still possible but you'll have to venture outside of the big banks to get one.

Another option that you might consider: get the HELOC, borrow/lend the money, then re-fi into a 15-year mortgage. This is the long way around and incurs additional costs but might open up more options for you since you're not looking for a first position home equity loan, you're just doing a 1st position mortgage.

Allen

Source Link
Allen
Allen
  • 445
  • 2
  • 4

Firstly, congrats on a mortgage-free home!

I wanted to echo that what you want is the "Home Equity Loan" aka fixed rate loan.

I noticed you mentioned a lot of bigger/national financial institutions (Chase, Citi, 5/3), have you looked into your local community bank or credit union? Local institutions have the potential to be more flexible and creative in their financing if they keep their loans on the books.

I did a search for "home equity loan 1st lien position" and came across two credit unions on the first page of search results that specifically offer this product (Beth Page FCU and Atlantic FCU). I presume that there would be more that you might qualify for based on where you live, work, go to school, worship or are related to. I have no investments in either FI, but it sounds like first lien position home equity loans are still a thing.

Another option that you might consider: get the HELOC, borrow/lend the money, then re-fi into a 15-year mortgage. This is the long way around and incurs additional costs but might open up more options for you since you're not looking for a first position home equity loan, you're just doing a 1st position mortgage.

Allen