I am looking for a bank that will not be a big PITA in seeking a HELOC that will still be under 55% LTV if fully drawn.
Anyone have suggestions? SDCCU has a 2.99% intro special for 12 months, which is about the time I’d need it.
I have never done a HELOC before, I am hoping it won’t be an anal probe the same way a $500,000 mortgage application is.
I have an alternative option of covering my 2018 cash needs by selling appreciated stock. But my hope is to avoid paying capital gains on them forever, or at least until President Ivanka ends capital gains taxes completely around 2025.
$3,000 or so a year in interest per 100k of loan for a year or two sounds a lot better than paying a capital gains tax of $10,000 on stocks that doubled and involve a gain of 50K per 100k. And the dividends/appreciation I get from not selling could very well more than make up for the HELOC interest.
I got one from TIAA-CREF a while back and the process was pretty painless. I chose them because they didn’t have a big fee for closing within 3 years as we are always considering cashing out and taking our nest egg equity to a lower cost market (damn Californians). In general, HELOCs are way easier than mortgages because they are far less regulated.
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