Credit Card Processing Comparison

Can anyone give me details on obtaining a HELOC? Is there a little comparison shopping to do while entertaining the thought of this? I put 1 / 2 on a $ 300K 3 years ago and my credit is sufficient to obtain a regular credit card if I ask. How much money do I have and how the loan repaid? Basically how the process works? Any info I can get is helpful!

How you can get depends on your income, credit score and the value of the house. Many HELOCs are easy to obtain from your bank if you have a good relationship in place. It will manage your credit, verify your income, make an assessment (perhaps even a 'drive'), then extend an offer. You can get 90-95% LTV in the best case.

It would be prudent to assume that your home is worth $ 300K. It might be more helpful, but in this market, I would not count much. 5% per year is unprecedented, but if you're on both coasts and in major urban area, I would bet on no growth in 3 years.

So, assuming your credit is large (over 700 average score) and you have $ 150k, your best case scenario would be about $ 120K on a HELOC.