OFFICIAL - Buying / Selling / Moving Thread (1 Viewer)

[urbanhack]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

Where are you looking to live back in Chicago?? which hood?

 

[krista4]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

Where are you looking to live back in Chicago?? which hood?

I find myself tending toward my old neighborhood or those adjacent - Wicker Park, Ukrainian Village, Logan Square, etc. - and also could do West Loop or West Town. I'd be open to places like Lincoln Square or Andersonville, but my mom would likely have a hard time finding a place to meet their needs up there, and if they end up in the Loop, Gold Coast, Streeterville-type area, I don't want to be so far away. There are actually some good possibilities for them in the Wicker Park/UK Village area, too.

 

[Chadstroma]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

 

[krista4]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

I've had a rough time today finding a local that works for everything I want. But then I convinced myself that this is stupid and I should not be putting this in place right now. Chicago market is not hot like it is here, and things aren't going to go crazy in nine months. I need to wait and just deal with it later anyway. NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

 

[Chadstroma]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

I've had a rough time today finding a local that works for everything I want. But then I convinced myself that this is stupid and I should not be putting this in place right now. Chicago market is not hot like it is here, and things aren't going to go crazy in nine months. I need to wait and just deal with it later anyway. NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

Yea... remember to breathe