Getting HELOC using RSU
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?
Why are you taking a heloc less than a year after buying? Red flag
I did 20%down and property estimate is increased more than 10%. I want to take out cash.
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.
What’s your main goal here?
Can’t you refinance with cash out?
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
Find another bank
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.