I own a home with no mortgage and I want a fixed rate HEL should my bank be pushing me to get a HELOC instead?

It depends on each bank, but most bank will offer you a fixed rate on your loan but just a higher rate than HELOC.

Hi youseg, thanks for the question. Whether the bank offers you one product over another depends on their product offering but typically a good loan officer will visit every available option and tailor the loan to best suit your needs. If you do not have a mortgage on the property, your equity is the value of your home since it doesn't have a lien. There's some banks that still offer HELOCs with the ability to Fix draws which offers you the best of both worlds but that varies from lender to lender. If you're looking for a fixed loan I would recommend doing a cash-out refi on a conventional loan, you're going to get a good rate and avoid MI under 80% ltv. If you have any further questions please feel free to message me. Thanks, Sam. www.silvercreekfinance.com

There appears to be a contradiction or misunderstanding between you and the bank. Specifically, the statement that you don't have a mortgage and therefore you have no equity. If you truly do not have a mortgage, then you have a 100% equity. Make sure to speak with your bank again and that both of you are speaking about the same goal. Good luck.

There does seem to be a diconnect, you do Have Equity if you do Not have a mortgage so getting a HELOC or fixed rate should not be a problem providing you have acceptable credit. I suggest as others have said to do a cash out loan for the money you need if you just want to have the availabilty to line then you should be able to do a HELOC or fixed rate around 7% .

As long as your credit and debt to income ratio qualifies you, you should be able to any type of loan you want. if this lender is not giving you what you want then go to a different lender. This lender might not offer what you are really wanting.

The mortgage industry is shying away from HELOC's in 1st lien position. It'd be easier to structure your loan as follows - let's say that you wanted $100,000 - but you know that you will always be using $60,000, but you'd like an extra $40,000 for your variable needs. So we would give you a fixed 1st mortgage at i.e. 3.375%-3.500% (this is not a firm quote for you) for the $60k and then a HELOC on top of that for the extra $40k. We lend in ALL 50 states - I'd be happy to assist you with this. www.JeffAlbrecht.com 512-807-2951