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$1200 Intellishop HELOC Shop

June 09, 2022 08:12PM
Intellishop just emailed an invitation for a HELOC shop. $1200 fee, wowza. You have to go through the entire loan process. Any change to my credit score is not an issue for me. Has anybody done one of these? Can anyone provide any tips/insights? Thanks.
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More Discussions About Intellishop (All Companies)
June 09, 2022 08:23PM
Why not do the $1500 refi where you can back out?
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June 10, 2022 12:21AM
I did not see any notice that they would reimburse any fees involved as well as the $1200. If there are fees to get a Heloc it seems this shop is only good if someone wants to have that type of loan. My other concern is that you will inputting all your own personal information with the advisory that once you have applied they will erase your personal accounts numbers etc. I am not comfortable with that.
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June 10, 2022 04:55AM
I have not performed one of these shops. I suggest asking if they reimburse closing costs and all fees associated with the HELOC. If the shop fee is inclusive of expenses related to the line of credit, you probably will not make much - if any - money.

[www.lendingtree.com]

@teacherguy wrote:

Intellishop just emailed an invitation for a HELOC shop. $1200 fee, wowza. You have to go through the entire loan process. Any change to my credit score is not an issue for me. Has anybody done one of these? Can anyone provide any tips/insights? Thanks.
Reply
June 10, 2022 03:30PM
@patman9760 wrote:

I have not performed one of these shops. I suggest asking if they reimburse closing costs and all fees associated with the HELOC. If the shop fee is inclusive of expenses related to the line of credit, you probably will not make much - if any - money.

[www.lendingtree.com]

@teacherguy wrote:

Intellishop just emailed an invitation for a HELOC shop. $1200 fee, wowza. You have to go through the entire loan process. Any change to my credit score is not an issue for me. Has anybody done one of these? Can anyone provide any tips/insights? Thanks.


Agree. The very high fee is to cover those costs. the shopper pay is a minimal amount unfortunately.
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June 15, 2022 12:32AM
I did a high fee shop for them years ago and was completely reimbursed for the fees. In addition to getting a thousand plus shopper pay. I would email the scheduler to confirm. This MSC is usually very fair so if I was considering a HELOC I would ask about the reimbursement on fees.
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