topic Re: Looking for fixed rate BT deals. in Credit Cards

Looking for fixed rate BT deals.

Anonymous — Sat, 29 Sep 2012 00:39:33 GMT

I am trying to find good options for fixed rate BTs. My Mother has a second mortgage at 10%. She owes about 18k. I know that Penfed offers 4.99% fixed with no BT fee, but I am not sure if they would consider a line of credit that large. So I have two questions:

1. Would Penfed or any other bank/CU consider offering multiple cards to make up a limit if it is not possible to grant the limit with one card? For ex, if they only offer 8k.

2. What other deals are out there?

Thanks

Re: Looking for fixed rate BT deals.

LS2982 — Sat, 29 Sep 2012 01:18:09 GMT

Can she get in with PSECU? PA resident?

Re: Looking for fixed rate BT deals.

Anonymous — Sat, 29 Sep 2012 01:23:47 GMT

She lives in Michigan. That looks like a nice deal: 2.9% fixed with no BT fee. I will call tomorrow and see if there is a way to qualify for membership.

Re: Looking for fixed rate BT deals.

LS2982 — Sat, 29 Sep 2012 01:36:23 GMT

Look on page 2 of this forum and there's a thread titled would you pay $75 to join psecu. There seems to be a way in.

Re: Looking for fixed rate BT deals.

Anonymous — Sat, 29 Sep 2012 01:52:51 GMT

I read the thread and they are still waiting for the Guinea Pig to try the method of membership. I know there is a similar deal at a Michigan CU, but you have to be a resident of a certain county.

Maybe someone knows of another deal..

Re: Looking for fixed rate BT deals.

Anonymous — Sat, 29 Sep 2012 02:13:56 GMT

Here is a deal for 1.99%, but the qualifications for membership at the CU are very specific:

ServU FCU is a multi occupational financial institution, where membership is based on people sharing a common bond within a field of membership.

Membership is possible:

if youare a student, or a faculty or staff member of any school district in Steuben County
if youare a student, or a faculty or staff member at Corning Community College
if you belong to, or are a volunteer of, one of our Select Employee Groups
if youlive, work, attend school or worship in Yates County or the towns of Montour, Reading, Dix, Orange, or Tyrone, New York
if you have an immediate family member who is within the field of membership. Immediate family member is defined as a spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, stepsiblings, and adoptions.
if anyone in your household is within the field of membership. Household Members are defined as persons living in the same residence and maintaining a single economic unit.
if you are the spouse of someone who died while within the field of membership

https://www.servucu.com/webfederal.asp?Cabinet=Main&Drawer=Loans&Folder=Visa+Credit+Card&SubFolder=Visa+Credit+Card

Re: Looking for fixed rate BT deals.

Anonymous — Sat, 29 Sep 2012 22:56:37 GMT

BUMP

Re: Looking for fixed rate BT deals.

emptypockets — Sun, 30 Sep 2012 04:49:03 GMT

Alliant, or Lake Michigan Credit Union.

Re: Looking for fixed rate BT deals.

SnackTrader — Sun, 30 Sep 2012 11:58:27 GMT

I'm confused at why you need a balance transfer for this. What about a standard home equity loan? Or refinancing the first mortgage with a cash out to pay off the second?

Are there specific roadblocks to making these types of things work? Given that a loan with collateral (the house) typically have lower interest rates, it may be a good idea to shop around for some other products in addition to the balance transfer.

Re: Looking for fixed rate BT deals.

Anonymous — Sun, 30 Sep 2012 13:29:33 GMT

Alliant has a good 0% 12 months, no bt fee deal. LMCU seems to have a platinum card with a regular low rate around 6% or so. I didn't see and fixed rate bt deals, but will definitely keep these in mind for future reference!

Re: Looking for fixed rate BT deals.

Anonymous — Sun, 30 Sep 2012 13:31:32 GMT

I should have been more specific. Unfortunately, the home was purchased during the "bubble", so the ltv is too high to qualify for traditional financing. The only financing available is a refi through the current lender, which is in process. They are unable to include the second, even under the program, because of the ltv. And, although there is a tax deduction for mortgage interest, the savings from switching to 5% fixed are higher.

Re: Looking for fixed rate BT deals.

SnackTrader — Sun, 30 Sep 2012 13:40:01 GMT

Ok, that's unfortunate. It takes away a lot of "traditional" options.

Good luck with your search!