Wednesday, April 11, 2018

HELOC process start to finish

Since we had a few things that needed doing around the house, I applied for a HELOC with Chase in February.  I knew it was a long shot but I also knew that there are $500K homes going up nearby and that the people who calculate these home values don't know Portage Park from Lincoln Park so why not.  
  • Feb 9: applied online
  • Feb 12-14: missed calls
  • Feb 15: sent financial documents
  • Feb 16: drive-by appraisal.  I actually saw some camera flashes but was on a call so I didn't go look
  • Feb 21: appraisal came in $5k higher than I submitted.
  • Feb 22-27: request for 2 more documents
  • Feb 27: confirmed they have all they need and will reach out to schedule closing
  • Mar 2: closing scheduled
  • Mar 3: closing rescheduled because wife signature needed.
So it only took a month and we got a small but not trivial amount of money to help with some home repairs.  I looked into getting some type of Air Conditioning system but the costs were too high given we might not be here much longer.  Instead, I decided that the first order of business was to get the rails on the back deck replaced.

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