Heloc loans from Union bank anyone?
Did anyone get HELOC loan for 80/10/10 for their home purchase recently, just curious to know about the experience. #mortgage #housing
NVIDIA Qlxs56 Jul 11, 2022
No …. 80/10/10 means ten percent down. First mortgage is 80# of the purchase price, 2nd mortgage is 10%. Commonly done when you can’t get a loan for quite the full 90%
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Evr997 Jul 11, 2022Union Bank has a very long turn time. 60-90 days most likely. Don’t sign a 30 day contingency or you’ll lose your earnest money deposit.
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c1oser Jul 12, 2022As a mortgage broker who uses Union all the time, make sure that the first mortgage goes through Union. They can go up to $850k loan amount, with a concurrent HELOC through Symmetry. Union & Symmetry work hand-in-hand.
You already have two mortgages: one for 80% and another for 10%. A heloc would be in third place should things go very bad. I’m not sure if any lenders would go for that.
80/10/10 is heloc loan right?