We successfully closed on our HELOC (Home Equity Line of Credit) this evening. It only took 3 loan officers (phone) and 3 bankers (local) to get it done in 49 days. We were told, of course, that we'd have one banker (who ended up leaving for another bank!) and one loan officer (who decided to take vacation in the summer, who ever heard of such a thing?!?! and then so did her backup...), but it's all finished. Finally.
The bank undervalued our home even more than the county, but since this LOC was a contingency plan anyways (we'll dip into it after we run out of savings), that's ok. And the rate was good - prime plus 1.24% (the rate will vary with the prime, but we don't see the prime going anyplace any time soon).
Now, if only we could find time to work on the design and/or find someone we trust to do it for us...we'd be set.
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