Best Banks To Get A HELOC Loan?

one person asked uh hi where can i get a home equity line of credit for my investment property wells fargo is not offering helocs currently thanks uh i would say that pretty much always going with like local or regional or smaller banks is generally going to be better unless you do a significant amount of like wiring uh you you know rely heavy on like app usage or you really need like the really expensive bells and whistles for like international travel maybe i don't know i don't fully understand the perks of going with these larger banks but when it comes to investment properties when it comes to giving you the best deals on property related assets then the big banks are likely going to be the least favorable people to deal with so i'm kind of happy to hear that wells fargo isn't currently providing any helocs i would recommend strongly that you go and form a relationship with a regional or local credit union a smaller bank branch they are going to be significantly more agile they are going to be able to uh focus specifically on your property they're going to know the area they're going to be significantly more comfortable with the collateral and potentially overtaking it if things go south consequently they're going to give you better terms because it's in their wheelhouse and you know with wells fargo with chase bank of america a lot of these banks i mean they're so vast that you know these are the ones that are utilized by the really large institutions right so they might be the same kind of service that these large institutional clients of these large banks get you will likely get at one of these smaller regional banks because proportionately you're going to be about the same i would not advocate using big banks for specific items now i will say that larger banks uh give significantly better credit cards especially if you're looking for like rewards points or whatnot local credit unions do not excel in that arena there's a time and place for both of them but if i was looking for a home equity line of credit if i was looking for a loan on an investment property if i was looking for an unsecured line of credit if i was looking for anything related to my small business the chases wells fargo bank of america are not even on the top ten of places that i would look form a relationship if you go into one of these small local credit unions and you can set up an appointment very quickly with like the vice president of commercial lending or mortgages or the vice president of anything then that's when you're in the right spot find a bank where you can just pop in on one of the vice presidents and then you'll be in good hands thanks for watching that clip i thought that was a good question and i think you can ask good questions too join us every friday morning at 8am eastern standard time for a live stream q a where we answer plenty of questions just like this one in the meantime consider subscribing to the channel if you want more of this content and if you want to increase your deal flow analyze properties better and help me feed my family click the link below for a free 7-day trial of prop stream

Channel: Ryan Ingram

Views: 12,464

Keywords: banks to get a heloc loan, best heloc, heloc, heloc strategy to pay off mortgage, heloc to pay off mortgage, home equity, home equity line of credit explained, how to get a heloc, real estate, real estate investing, real estate investing for beginners, real estate investing strategies, real estate investing with no money, truth in equity, what is a home equity line of credit, heloc strategy, heloc loan, heloc for investment property, home equity line of credit, RYAN INGRAM

Id: LobTVH11IY8

Length: 3min 23sec (203 seconds)

Published: Sun Jun 19 2022