Getting HELOC using RSU

Amazon RSU_heloc
Apr 18, 2018 14 Comments

I applied for HELOC with keybank and they said RSU can’t be considered as income. I tried calling other banks but answer is same.

My base salary is not enough for amount I’m looking for LOC.

Is there any way or banks which considers RSU while processing HELOC?

I tried Union bank they can’t do HELOC as sold date is not greater than 1 year.

Any advice on this scenario?

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TOP 14 Comments
  • New / Other
    KW Realtor

    New Other

    BIO
    Keller Williams Realtor
    KW Realtormore
    What’s your main goal here?
    Apr 18, 2018 0
  • Amazon / Eng msfalg
    If RSU is not income why you have to pay 40% on taxes?

    Anyways... my advise is: do not leverage all you can, it’s a bad idea to use all your salary, even worse to try to add the RSU. Wait so you can make a bigger downpayment or find a more affordable housing. Otherwise you’ll be living on the edge for life. You must consider a reorg could lay you off, and you need to keep paying the mortgage.

    Also, a good way to “refinance” if it’s for the same mortgage is just doing the math and pay extra fixed amount to shorten the debt. That way you lower interest in the long run.
    Apr 18, 2018 0
  • PayPal / Mgmt
    kcDw06

    PayPal Mgmt

    PRE
    eBay
    kcDw06more
    Why are you taking a heloc less than a year after buying? Red flag
    Apr 18, 2018 6
    • Amazon RSU_heloc
      OP
      And I’m pretty much illiterate on how should I proceed here(not sarcastic). Any wisdom would be helpful. I don’t need HELOC as such financially but don’t know if it’s worth losing out on that money and may be invest that somewhere else.
      Apr 18, 2018
    • PayPal / Mgmt
      kcDw06

      PayPal Mgmt

      PRE
      eBay
      kcDw06more
      Not a good idea. If you invest heloc money, imagine if the economy takes a shit — no investment anymore AND your house drops in value.

      Just wait on your RSUs to vest and invest that cash.
      Apr 18, 2018
    • Amazon RSU_heloc
      OP
      When it’s a good idea to take HELOC ?

      How should I leverage property appreciation without selling it?
      Apr 18, 2018
    • Amazon / Mgmt BakBown
      Common that you have to wait a year after purchase to get a HELOC based on the appreciated value.
      Apr 18, 2018
    • PayPal / Mgmt
      kcDw06

      PayPal Mgmt

      PRE
      eBay
      kcDw06more
      I’m going to be a little hard on you: this kind of thinking is what destroys markets. The appreciation is paper gains. You leverage property appreciation (of your primary residence) by selling the property.
      Apr 18, 2018
  • Lyft KLtu86
    Can’t you refinance with cash out?
    Apr 18, 2018 2
    • Amazon RSU_heloc
      OP
      I never thought about that, any lender you recommend?
      Apr 18, 2018
    • Lyft KLtu86
      Just shop around... since it is a refinance, try something like Zillow mortgages. You will find a lot of small brokers who provide some good rates.
      Apr 19, 2018
  • Find another bank
    Apr 23, 2018 0
  • Amazon KTwr51
    I got heloc from stanford credit union bank but its been 2 yrs since i purchased so they were fine with that. Not aware of their within a yr rule
    Apr 18, 2018 0

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