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Home Equity Loan Closing Costs

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Old 06-07-2007, 04:34 PM   #1
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Home Equity Loan Closing Costs

It is understanable for a bank to charge closing costs when getting a Home Equity Loan. I know that if you get a "line of credit" rather than a loan that they will wave the closing fees, but it is normal practice when you get a loan (because you need an appraisal) to end up paying fees? I just got a good faith with fees for about $1100, which seems high to me. $500 of it for Pre-paid finance charges????
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Old 06-07-2007, 05:39 PM   #2
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Re: Home Equity Loan Closing Costs

Sometimes Bank of America will run some promotions for those in good standing with them where there are NO closing costs on said loans. I would certainly check around first!
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Old 06-07-2007, 05:52 PM   #3
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Re: Home Equity Loan Closing Costs

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Originally Posted by hesscl34 View Post
It is understanable for a bank to charge closing costs when getting a Home Equity Loan. I know that if you get a "line of credit" rather than a loan that they will wave the closing fees, but it is normal practice when you get a loan (because you need an appraisal) to end up paying fees? I just got a good faith with fees for about $1100, which seems high to me. $500 of it for Pre-paid finance charges????

Hessy, check your PM.
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Old 06-07-2007, 06:00 PM   #4
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Re: Home Equity Loan Closing Costs

I'd shop around because I hear these advertised all the time with no closing cost.
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Old 06-07-2007, 06:01 PM   #5
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Re: Home Equity Loan Closing Costs

Yeah, it really does depend on which bank you're going with.
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Old 06-07-2007, 06:26 PM   #6
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Re: Home Equity Loan Closing Costs

+1 for Bank of America.
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Old 06-07-2007, 08:11 PM   #7
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Re: Home Equity Loan Closing Costs

It also depends on what your credit situation is. If you have c credit or lower then those costs are not that outrageous. But if you have scores closer to 700 you should be able to do a lot better.
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Old 06-07-2007, 10:09 PM   #8
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Re: Home Equity Loan Closing Costs

My credit score is 730
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Old 06-08-2007, 08:29 AM   #9
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Re: Home Equity Loan Closing Costs

Is there any reason why you favor a Home Equity Loan over a Home Equity Line of Credit?

I recently got a HELOC and paid only $150 in closing costs. Plus, I don't start paying on it until I use it -- it's basically like a credit card. And the interest is tax deductable.
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Old 06-08-2007, 02:23 PM   #10
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Re: Home Equity Loan Closing Costs

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My credit score is 730
If that's your score then i don't see any reason for your closing cost to be that high. With that kind of credit score they should practically be begging you to become their customer (well, maybe not if you have high income to debt ratio). Also, are you aware of your scores from all 3 credit bureau? Equifax is the most trusted and used by banks, particularly if you're in the east coast. Make sure 730 is your Equifax credit score.
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Old 06-08-2007, 02:32 PM   #11
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Re: Home Equity Loan Closing Costs

There is a major banking chain ( I CANNOT remember it) offering 1% below prime for loans over 50k, and as long as the balance remains above 50k. When the balance falls below 50k, the rate goes to 1/2 % below prime. NO CLOSING COSTS or hidden nonsense.
I WILL remember it and re-post. I was checking it out as well to move an existing loan I have to them.
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Old 06-08-2007, 07:29 PM   #12
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Re: Home Equity Loan Closing Costs

pre paid finance charges other then the daily interest rate are usually waived. shop around.closing costs on a second mortgage including the appraisal is usually only around $500.00- $600.00 tops.
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