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I got an e-mail saying you match me up with a lender. I never saw that... my question is I'm looking for an equity line of credit

for ~ $135K for 5 years. what are your options and what are the fees? by Dick Alexander from Cedar Rapids, Iowa. Jan 3rd 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Click on the tab above "Find a Lender"... type in your zip code.. And you will get a list of lender411 approved lenders in your area.. No one is going to quote you based on the limited info you provided.. You really need to do it the old fashioned way and pick up the phone and actually talk to a living breathing person to get a real quote.. you can also Google " mortgage broker <zip code>" and you will get an expanded list of brokers in your area offering mortgage services.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 3rd 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

As a general rule, I would not recommend a HELOC with a limit that high, especially with interest rates as low as they are. Your best bet is to find a Licensed Mortgage Professional in your area do discuss what your plans are. This will give you an opportunity to weigh pros and cons of HELOC vs and ARM or fixed rate mortgage. You can find a Licensed Professional at the National Association of Mortgage Professionals at: http://www.namb.org/assnfe/SearchBroker.asp?SnID=1921118381 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 3rd 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes Mr Alexander, there is not enough info provided. Go to the top of the page and click on "Find a Lender" and then put in your zip code and call one of the lenders listed.

Jan 3rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Good luck!

Jan 3rd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I would not recommend a equity line for that large a loan amount, you will likely be better off with a traditional mortgage. The fees are higher but your rate will be fixed at a much lower rate. HELOC's with low rates are typically adjustable monthly so you take a lot of risk that rates increase before you have it paid off.

Jan 3rd 2013
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

google iowa mortgage broker and make contact with a local company. That is the best way to find a lender online.

Jan 3rd 2013
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