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HELOC is a Done Deal

October 27th, 2016 at 12:28 am

I signed the documents for my HELOC from Wells Fargo today. The line is 30k. There were no closing costs. The annual fee is waived since I have a PMA checking account. The interest rate is variable. Currently, it is 6.75%. It can never be higher than 13.75%. There are several ways I can draw funds. The simplest is to log on and transfer from the HELOC to my checking (or savings, or Visa, or IRA I suppose).

The roofing company I contacted on Sept 7th promised to come out the next week to give me an estimate. Never heard from them. I e-mailed again on October 12th to see if they still plan to come out. To date, no response at all to my follow-up e-mail. So I have contacted a different roofing company. A man is supposed to be coming out Saturday to give me an estimate on a new roof and new rain gutters too. I guess if he shows up it will be a productive day.

This past weekend, I spent Saturday with my mom and attended the memorial service for my friend's uncle. Sunday I spent with my niece and her foster baby. We went for pedicures and did some shopping. That baby could not have been any better. I just love holding him and smelling his sweet baby smell.

SB needs to make some decisions regarding his acreage up in the mountains. We have been brainstorming ideas to get some income from the property. This will be good whether he decides to hang onto it or sell. If he does decide to sell, he will need to reinvest into some other commerical property. These aren't my decisions to make, still I am trying to help him make the best decisions possible.


8 Responses to “HELOC is a Done Deal”

  1. crazyliblady Says:

    Why is it so hard to get contractors and repair people to call back and show up when they say they will? Ridiculous.

  2. LivingAlmostLarge Says:

    It inevitably happens with repair people. And what a nice sunday.

  3. James Says:

    Hey - weren't you at all concerned about going with Well Fargo especially after their recent scandal?

  4. Petunia 100 Says:

    crazyliblady, it is ridiculous. I think it was Klarose who recently said she had the same trouble getting a call back.

    LAL, it was a nice Sunday. My niece, her husband, and the baby are going to join us at least part of the week in Tahoe at the vacation rental.

    James, no I'm not worried about Wells Fargo trying to open new accounts for me without my knowledge. I check my bank account activity carefully, so I think I would notice. Smile I have never had anything but excellent service from them.

  5. snafu Says:

    I wondered how 6.75 related to others since savings still pay so very low. What happened to a 4% spread? Is WF a leader in price gouging or merely in setting unreasonable targets for line staff.

  6. AnotherReader Says:

    My Wells Fargo HELOC is at 4.25 percent. I thought that was high, but my file is difficult to underwrite, so using Wells Fargo was easier as they have my mortgage. 6.75 percent is outrageous. In your shoes, I would cancel that. I would try a few other places, such as Pen Fed CU.

  7. NJDebbie Says:

    Our HELOC is at 3%.

  8. Petunia 100 Says:

    Wow, those are some good rates all right. Smile
    The 6.75% rate applies only if I leave all or part of the outstanding balance "unlocked". Once I decide what I am doing, I can lock in a lower rate by choosing a term. Such as, deciding to amortize the balance for 3 years.

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