Frisky070802's Journal: Home Equity question

I decided to try out Lendingtree over the weekend, and it seems to be working out well. One question, though: when I told one lender that I was a bit torn between a fixed-rate 2nd mortgage and a line of credit, he suggested I do both: fixed-rate and fixed value plus an equity line on top. The next lender I spoke to was aghast when I suggested this... "a third mortgage?!"

Has anyone tried this? Also, this is with Wachovia; any comments on them, pro or con, would be appreciated. Same goes for Lendingtree.

Home Equity Line-of-Credit =/= Mortgage

[Cy Guy]

Just as long as there are no costs associated with the LoC unless it is used.

We have a LoC at our bank as overdraft protection. It's really no big deal, it's like free insurance, that you only pay for if you collect.

If the reason you are looking into this is you want to have money available just-in-case then I think it's a good idea if the upfront cost is nil or negligible. BUT, if you have definate near-term plans for the money, then roll it into the Home Equity loan.

Re:Home Equity Line-of-Credit =/= Mortgage

[Frisky070802]

Thanks. There are reportedly no costs for the LOC until and unless used. So the near-term money would be drawn and paid off with a fixed rate, and the LOC would be for down the road --- say when my first kid hits college -- to avoid the hassle of a new loan then (which might really be a "third mortgage").

Wachovia is the antiChrist

[elmegil]

A friend of mine who had some credit card trouble with them had an ENORMOUS problem getting it straightened out. They kept fucking him over by losing payments, claiming to adjust things and not doing it, etc. Big Mess. Just Say No.

Re:Wachovia is the antiChrist

[Frisky070802]

Oh dear.

Of course I suspect the same thing will be true of any bank I mention in this context. The others are Citigroup, Chevy Chase, DeepGreen, and National City Bank. I'll bet if this blog had enough readership I'd get negative feedback on each and every one :). For instance, my 1st mortgage is with Wells Fargo and they've been no trouble at all. Wanna bet a few people would beg to disagree?

In any case, thanks for the feedback, which is in fact exactly what I asked for. Point noted. I'm merely t

Re:Wachovia is the antiChrist

[elmegil]

My mortgage holder is Countrywide, and I've had nothing but a positive experience with them, and the people I know who also have Countrywide say the same. For what it's worth :-)