I’ve been reading up on home equity loan and home equity line of credit recently due to my interest in the real estate market. With a home equity loan, you can borrow a lump sum against the equity in a home with an agreed periodic payments. Similar like a mortgage payment or car payment with fixed or adjustable rate.
On the other hand, a Home Equity Line of Credit(HELOC) is like a credit card in a way. You can borrow from $0 to the maximum amount approved by the lender. You can withdraw your money by writing check or using an issued debit card and pay the interest monthly only. HELOC rates are very attractive. Those who are looking at getting a HELOC should be looking at Penfed HELOC or Third Federal Bank.
For Penfed:
OWNER OCCUPIED HOME – LINE 80% OR LESS LTV
Borrow $10,000 – $400,000
Prime minus 0.5% variable
(3.25% APR as of
March 26, 2009 )
APR 2.75
For Penfed membership, those with no affiliation with the military can become eligible by joining the NMFA association. Joining NMFA will cost you a one time fee of $20. There is no need to renew membership.
For Third Federal Bank:
Borrow $50000 or more and get Prime minus 0.26% variable. Currently 2.99% APR.
Third Federal Bank advertises to beat any rate, so you could call them and ask about getting a better deal than Penfed. Unlike Penfed, anyone can join Third Federal bank for free.
More research is needed if you are really planning on getting on a HELOC. There is no fees, and this is a good emergency Plan B in this economy.
Sharebuilder $25 Bonus
If you never open a Sharebuilder account, then these bonuses are pretty easy. There is no hard pull on your credit report. Here are some more codes to enter on your ShareBuilder application page.:
Here’s the newest code I just found: 25WOLS
Follow these Hustler’s steps:
- Sign up to your ShareBuilder account
.
- Click on the “Get Started” tab.
- Select account type Individual Account and then click “I’m responding to a Promotion”.
- Fill out the rest of the form. Click “Next” to fill out second form. Under Promotion Code, enter promo code E.G.: 25WOLS
- Select “No I don’t have an account” and fill out the owner information and username/password information. Click “Next”.
- Select “Sharebuilder Basic Account” (Don’t select Standard or Advantage as those programs have monthly fees).
- Deposit $5 from your checking account, Fund your account with an Electronic funds deposit from savings or checking account .
- Make a $5 minimum investment. You must do this on Tuesday since it will only cost you a $4 fee. Make sure you pick the automatic investment, and not real time trade. ($4 is the fee, $1 is the crap stock)
- Receive email that you got the promotion.
- Wait 4-6 weeks to get your bonus.
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