Believe it or now, I *still* don't have a wrapped up HELOC deal!
My banker says that I'm conditionally approved, with the conditions being 1) the title search comes up clean and 2) the valuation comes back ok. She also said that if the valuation comes back lower than what we submitted, it will include essentially a counter offer.
The request for the real estate work was submitted last Friday evening, just after 6.
I just want to sign papers, wait the three days and make it a done deal. THEN I'll be able to relax and get excited! LOL!
So guess what? I am STILL going back and forth with this bank. The valuation they sent back on my home was a joke. And they didn't like the Mechanics Lien that is on my title until I finish paying the roofer ($2600).
In the meantime, however, through a guy that I originally called about 203ks, I got connected to a LO at PNC bank.
I'm dubious (because of how my other two attempts at getting a HELOC have gone), but he seems to think all will be well. In fact, he says we're just waiting for the "clear to close" message. My credit was approved, the appraisal came back $7K higher than I thought it would, he offered me a rate of Prime + 1.9%, no closing costs, 10 year draw, 20 year repayment, $50 annual fee.
So I guess we'll see what happens, eh?