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HELOC question - bank asking to be added to HOI as 2nd mortgagee

Posted on 6/21/23 at 3:41 pm
Posted by The Hamburglar
McDonaldland
Member since Jan 2005
3347 posts
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Posted on 6/21/23 at 3:41 pm
For the first time, getting a HELOC as an emergency fund if needed (now) and possible for renovations in the years to come. The bank is asking to be added to the home owners insurance policy as a 2nd mortgagee. Is this standard? TIA
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Posted by tigeralum06
Member since Oct 2007
2906 posts
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Posted on 6/21/23 at 3:45 pm to The Hamburglar
Yes
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Posted by ThatsAFactJack
East Coast
Member since Sep 2012
1605 posts
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Posted on 6/21/23 at 3:50 pm to The Hamburglar
Yep.

Went through this last summer, easy process, usually just a 1 pager that insurance company fills out.

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Posted by CE Tiger
Metairie
Member since Jan 2008
41893 posts
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Posted on 6/21/23 at 4:38 pm to The Hamburglar
What kind of rates you seeing?
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Posted by tigeraddict
Baton Rouge
Member since Mar 2007
14615 posts
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Posted on 6/21/23 at 8:38 pm to The Hamburglar
Standard. Just did the same and had to do the same.
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Posted by FishinTygah84
LA
Member since Dec 2013
2034 posts
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Posted on 6/22/23 at 9:03 am to CE Tiger
quote:
What kind of rates you seeing?


just finished one last week with first horizon. 4.99 for first year then .49 over prime after that
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Posted by LSUDbrous90
Lafayette
Member since Dec 2011
1580 posts
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Posted on 6/22/23 at 9:05 am to FishinTygah84
Got mine last year and I am at .25 over prime. Can't wait for prime to come down some hopefully since I just finished renovations and ive got a lot borrowed on it.
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