Choices include (1) a bank or financial institution you have an
account in,
(2) an independent mortgage broker, (3) a web service.
All three may give a preliminary rough quote right away.
But then they ask for a bit of the fees up front,
say a few hundred for the appraisal, as earnest money to
get some commitment before they go deep into the paperwork.
#1 may already have idea of your credit-worthiness and be a but more
certain, while #2 has access to multiple lending sources and may get
you a better price. Fees could vary several thousand dollars, so its
important to get few quotes.

In article
<76a91f90-b6ab-49d3-a533-1c44206b4984[at]w9g2000yqa.googlegroups.com> ,
Augustine <evandro[at]mailinator.com> wrote:

- quote -

USBank. It is a fixed rate fixed period home equity loan.
Mortgages have a lower rate, but are harder to get.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

John A. Weeks III wrote:
- quote -

The last thing I would suggest is that one borrow at a variable rate
right now. I would suggest the OP shop around and decide between a 30yr
fixed or 15 yr fixed depending on the rate difference and his own
comfort level. In normal times, a 15yr can be had for about 1/2% less,
but of course the monthly payment higher.

At $113K, 6.85, payment was $740.44
After 6 yrs, the balance about $104,500

A new 30 yr at 5.25% = $577/mo
A new 15yr at 4.75% = $813/mo

I like the idea of having the mortgage end sooner, depending on the rest
of the op's situation. If there's a matched 401(k) account he's not
maximizing, the $240 difference may be better off there. If his cash
flow is tight, I'd say take the 30yr, but keep making the same monthly
payment of $740, the extra $160 or so with help pay it off sooner.

Given his debt to equity is so low, I'd expect no issues getting a refi
(with his other finances being in order, of course.)

On Mar 10, 7:45*am, "John A. Weeks III" <j...[at]johnweeks.com> wrote:
- quote -

Really??? For a mortgage, not a HEL? Care to mention the bank,
please?

TIA

In article <roger-4EE748.20303009032009[at]freenews.netfront.net> ,
Roger <roger[at]roger.net> wrote:

- quote -

My local megabank is offering fixed home equity loans with
relatively easy approvals and no closing costs (just the
appraisal fee) for in the mid 5% range. If you are willing
to take a bit of risk of risking rates, a variable H/E loan
might be the way to go. My loan adjusted down to 3-1/8%
recently. You could save on interest for a while, and then
hope to refi into a decent fixed before the H/E loan adjusts
higher down the line. Even if you don't refi, the low H/E
rate would let you pay more principal, getting your balance
down so that later, interest will be a much smaller factor
overall.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

Anybody have any advice on how/where to begin shopping? I purchased my
home in 2003 for 113k with a 6.85% rate 30 year fixed; it's now valued
at 199k (dropping). I know this is a broad question but thanks for any
tips or site references about pitfalls I could encounter.

Rog