How To Find The Right HELOC in Arkansas

Welcome everyone. Welcome students. How you doing this evening? We are in the state of Arkansas. How to find the right home equity line of credit in each and every state that you all live in. We're currently in a series where we're going state by state and today we're covering Arkansas. What you will notice in this series is there are certain states that have more opportunities, more banks that are offering home equity lines of credit in the second position according to our framework and the incentives and design that we are looking for compared to some other states that are lacking opportunities, lacking certain banks that offer home equity line of credits. When that happens, we can give ourselves permission to broaden our search a little bit to see if there might be a credit union that might cover two and three, four states neighboring. And if your state is included, there could be a unique opportunity there. Almost every time so far in this series except for a big bank called Fifth Third bank, most of the banks that are going to give us the best offers are your local community credit union and local banks in your state. That service just you compared to bank of America, Wells Fargo Chase. When you get these bigger banks, TD regions, they're just not able to compete from a interest rate standpoint, an intra rate standpoint, a closing cost standpoint. The, the only thing they do well I would, I would say for bigger banks is going to be mobile banking. There's a location on every corner so you're going to get more convenience with the bigger banks. But it comes at a cost. Instead of having a home equity line of credit at 7.25% or lower, you might be at 8 and a half, 9 and a half, almost 10% just for that convenience that's costing you thousands of dollars. So I put this series together to really help you guys save a ton of money right now for the state of Arkansas. If you live in Arkansas, I'm going to need your help. I've been doing a lot of research trying to find banks. This is one of those states where there's not a whole lot of competition going on, there's not a whole lot of incentives. But I did find three banks. Those three banks that I found was Arkansas Federal Credit Union, Great Southern bank and then BOK or Bulk Financial bank are three institutions that were somewhat meeting my standards. And then there's some unanswered questions as well because on their website was not giving us all the information that, that we needed. Okay. On the left hand side of the board is our framework. Please follow this, I will repeat it in every single one of these videos in this series. I'm going to keep saying it, and I've been saying it for seven plus years. You got to do the pregame work. You got to know your numbers. And before you apply for a home equity line of credit, run through this checklist right here. Talk to the bank in advance, get a hold of the person that's running the HELOC department, get as much clarity and facts as much as possible before you submit the application and run your credit. Even if a bank says we need to run your credit to determine what your rate will be, reframe the question. You can say, if my credit score was XYZ 720 or higher, Tier 1 borrower, DTI this, then what would the rate be for that candidate? See how you reframe the question. So oftentimes you're, you have to do a little word maneuver, converse. You gotta, you gotta really conversate with the individual because oftentimes the people working at the banks often are like gatekeepers. And for whatever reason, when it comes to the home equity line of credit, as much as other content creators and financial gurus and experts from, from, for the most part, the masses, both consumer and educators, the masses always seem to be anti home equity line of credit. So you got the majority of consumers against home equity lines of credit, financial educators like myself against home equity line of credit, financial professionals against home equity line of credit, by and large. Plus the bank and the people working in the bank also tend to be anti home equity line of credit or they are not willing to give as much information about the heloc, or they're just completely uneducated on how they can use this home equity line of credit. So I, I've always found it fascinating whenever the vast majority of people, educators, institutions, rebel against a way of thinking or a particular tool or a particular opportunity. Whenever I see that, for some reason, I want to learn more. When everybody says, hey, don't look here, like when everybody is saying that, don't look here. What do you want to do? I want to look what's in. What are we hiding? What are we hiding? And so in my experience in the last seven years of my career, when it comes to home equity lines of credit's first and second position, it is the most understood product that banks offer today in the United States. It's the most understood financial product. Most consumers who get it don't know how to use it. Most employees at the bank don't know how to explain it, don't know all the intricate Parts on how it can be used. Like there's just a lot of don't knows. So for me on this YouTube channel, we've made it known that this is a legitimate product. It has legitimate case use and if used properly, not just, you know, getting the product is one thing. Using it properly and efficiently is a whole nother ball game. There is tremendous opportunity from a cash flow recovery, interest saving standpoint and also cash flow accumulation in terms of investing. Okay, so again, left hand side of the board. This will remain the same whether you watch this video five years from now. This framework is going to stay the same. It really is. This side of the board will change because banks get bought out, banks go under, banks change names, banks change offers, incentives, etcetera, etcetera. With that being said, let's direct our attention to my research and we're going to look up the different banks that I've been able to find so far. So we have the home equity line of credit. Arkansas Federal Credit Union was the first bank that I found. They have rates as low as prime, minus 0.25% or 7%. Says low cost flexibility, easy access. So we know it's mobile friendly. And what other information, when I was able to pull, I saw it somewhere. Okay, down here. Yep. Always got to read these little paragraphs down here that gives us more information. So their rate ranges from seven to nine and a half percent. The rate is variable with a ten year draw. That's about it. That's the only information I could have pulled off this site. So I don't know if there's closing costs, I don't know if there's an annual fee. Well, it does say there are no fees associated with this home equity loan product, but not their HELOC product. Yeah. So there's just a lot that we don't know. If you live in the state of Arkansas, you're going to want to call that bank and run through the checklist, see whatever other information you can get. All right, again, Arkansas did not come to compete and you're going to see that as I run through all these different banks that I was researching and I was trying my hardest. Alcoa Community Federal Credit Union, they offer a home equity line of credit. We just don't know what kind of home equity line of credit. Not a whole lot of details, just a couple of sentences here. But we don't know the rate. We don't know if there's an intro rate, we don't know the ltv, we don't know closing Costs like so I just kind of kept that open for you watching. If you live in Arkansas, look this up for yourself and then call them to get more details. Next bank is Reliance Bank, Home Equity line of credit. So I know that they do offer it says they got competitive low rates and that's it. Like no information unfortunately. I don't see anything that would get me more details. Says request info, right? You gotta call and get all the details with them. So we don't know. Found this bank, Great Southern bank, they are offering a 5.75% for the first six months, 80% LTV and it's got a 303rd party charge at application. We don't know the draw period. We don't know if there's additional closing costs. We don't know what prime will be afterwards. So let's see if it brings it down here. Did I say right? Oh, might tell us. It might tell us. Ah, right here. We just found it. So it is a prime plus point five percent. I'm just going to write that on my board. Prime plus zero point five percent. So you would have a seven point seven five percent heloc. I mean if we're just trying to throw banks on the board like okay, you could throw this one on there. But once we get to prime plus, it's usually a no for me because I can fine you another bank more than likely, no matter how little the competition is, usually can find you a bank that offers prime minus or prime at least prime. So up until reading that I had it on the whiteboard. But that you know what's just because of this, that six month intro rate comes at a cost. Okay, Next bank is called Simmons bank which they also offer a home equity line of credit. We just don't know the details. Okay, that's it, that's their landing page. Like no details, only 80% LTV. That's that's the only detail that we know. So it's worth calling, looking them up again if you live in that state. There's another bank called Armstrong bank. They almost had me with a 12 month intro, 7.1% and then it jumps to 8.35% afterwards. So that totally doesn't make it to the whiteboard. That's prime plus 1% or prime plus 1.15%. Not attractive. Even though you lock in a prime minus 0.15% for the first 12 months and it jumps. There's probably closing costs associated with it as you can see. You know it's not attractive. So that didn't make it to the whiteboard. But again, just showing you my research. Another bank called bulk or bok. 85% LTV we got says competitive rates, low closing costs. Let's go see what their interest rate is. So if we scroll, they're doing a six month intro. 4.49%. Then it goes to 7.37. So that's prime plus 0.17%. The lowest rate you can get with this bank is 7.37 or prime plus point one seven percent. Right? Or one two. Yeah. Prime plus point one two percent is what you can get with this bank. So it's again tough, Arkansas, real tough. They're, they're really stretching me right now. Fortunately, they didn't come to play. Here's the next bank. So I like this bank just because they offer a massive credit line. Like that's cool. 10 year draw. The LTV option is pretty low. Again, not a whole lot of the details. See $5 mem. Okay, so we got annual fee, 75 bucks. But we see right there, prime plus a 0.5% margin. So I didn't put them on the board either. Well, here's what. This might not even be covered in Arizona. Let's, let's verify that real quick. Does True west cover Arkansas? Not truest. No, I did not mean truist. I meant True West. T R U S Credit Union. Okay. Okay. They don't, so I gotta take them off. Okay, so we take them off. They don't even cover Arkansas. And then this is just me like scrapping the Internet trying to find anywhere else. This bank doesn't even offer a heloc. True west already looked them up. True service. Let's see what they got. Tough. They don't have a HELOC. Oh boy. Arkansas did not come to play. Credit union one. All right, what we got here? Annual fee, prime prime plus 0.5. So look, the best and only bank I've been able to find in my research. Again, use this video as like a, a standard to do your research. If you live in the state of Arkansas, let's say you're watching this video years from now and you do find a bank that beats the bank that I have here on the, on the whiteboard. Then put that in the comments and that's going to help other residents that, that live in your state. Out of these three banks, the Arkansas is my top pick. Arkansas Federal Credit Union. So obviously that'll cover the whole state. So that's my number one right there. Boke is my Number two, if I'm going to settle for a prime plus, I got to get some kind of an intro rate. I gotta have low closing costs. I have to have a decent LTV option and I don't want that prime plus to be more than 0.25%. That's still pretty competitive. Okay. But again, not the most attractive thing that we're, we're seeing, unfortunately. So this is a quick video for the state of Arkansas. Again, no matter where you live, right here, do this framework. Know what your credit score is, know where your DTI stands, Understand the LTV options? What are the closing costs with the bank? We want zero, we want low 500 or less. Is there an intra rate? How is the rate calculated after the intra rate? Is it prime, prime minus, or prime plus? Avoid prime plus as much as possible. I found you a bank that's prime minus. Draw period is usually 10 years. Sometimes it goes up to highs, 20 minimum being 5. Make sure you build a relationship with that bank. So let's say you're going to choose Arkansas. Make sure you open up a checking and savings account first. Move your banking over there, set up direct deposit over there. Okay. Download the mobile app, get set up, make sure your credit score, DTI is where it needs to be. Then you put the application in so that you increase your chances of approval to get the best rate that that bank has to offer. All right. Extremely, extremely important. Hello. Hello. Out of Illinois. Definitely will cover the state of Illinois. Actually, did I cover it already? Let me see. I want to make sure. So here's what I'm going to do real quick. Let's do this. We'll do a little check. We'll see how many states we've covered thus far. So we've done north, South, Texas, Maryland, Georgia, New Hampshire, Connecticut, New York, Ohio, Pennsylvania. Okay, so we will be covering Illinois soon, don't you worry. Be sure to check out that playlist on my YouTube channel. I'm going to keep adding to it and we should be able to get there before the year is over. To cover all 50 states in the United States. Going state by state, dedicated video for each state, giving you my top picks according to how I do research, according to my values, what I'm typically looking for. That's going to, you know, serve the vast majority of people that are looking for a home equity line of credit. I'm helping you borrow in a more efficient way. There are so many people that are getting home equity lines of credits, and the vast majority are using it to pull the equity out of the home to do repairs to the home or to finance something, finance a large expense. But what happens is they don't know velocity banking. So they don't know that they can park all of their income into the line of credit and reduce their interest costs. They don't know that they can combine credit cards to reduce their interest costs even further. They don't know that they can supplement the HELOC like a checking account. So they can replace the function of their checking account with their HELOC and just dramatically reduce their their costs overall. And then they definitely don't know that there's banks like Arkansas Federal Credit Union that's offering prime minus 0.25% where most people think HELOCs range between 9 and 10% and that's just not the case. They don't know that you can get HELOCs with zero closing costs and intra rate for 12 months or even up to 3 to 5 years and have a nice fixed rate below prime for the next three to five years. Really nice. So we're going to close it out here tomorrow, we'll be back at it again and I'll be sure to cover every single state. Remember, do your research, do your due diligence, go slow to go fast and then consider accountability coaching to guide you along the way. With that being said, God bless you all. Enjoy the rest of your evening. Talk soon. Bye now.