Hello again. I am still researching my options for a home equity loan or a heloc to pay off cc debts. Is it better to do it online or actually meet with a real person at my local bank branch? How long does it typically take from start to finish? Any insight? I am looking at borrowing from 20-25k to pay off various debts.
You might get more answers in person, but there's no need to meet w/someone. I've made several mtg apps over the phone. Careful about a HELOC. Since it's a revolving line of credit, it can hurt your FICO. If it's a $20k LOC and you use $10k, your utilization is 50% and that hurts your FICO. If you can do a loan, that will help your FICO.
Both take about the same amount of time. Although sometimes, HELOC may not require an appraisal. I've done both online and local and both were completed in 7-10 days from start to finish. If you don't feel comfortable doing in person, do online process is the same. Usually, you will only have to talk to appraiser and notary who comes to your home for signatures.
