Homeowner living in Seattle area on work visa. Applied for 400K, got 400K. Snagged first mortgage @ 2.6% so low payments on those. Second loan is 9.5%, monthly payments nearly match the mortgage. Tips for those seeking loans right now: - Credit Unions is the way to go, for better rates. - Submit applications to at least 2 CUs. One of them should be First Tech CU (they smack their lips at FAANG stocks). - Two key metrics they look for: Debt to Income and Combined Loan to Value. - Max DTI is 49%, Max CLTV is 80-90% depending on prior 2 years income. - Appraisals show higher home value and help you stay under CLTV threshold. AVMs are free and instant but typically lower than appraised value and may limit how much you can borrow. - My appraisal value split the difference between Redfin (over-estimates) and Zillow (under-estimates). #ama #heloc
400k at 9.5% isn’t that a lot on interest
What you need the money for?
What is the First tech CU refinance rate?
Likely north of 9%.
9% is pretty crazy. When I got my green card I took a sub 1% credit line from interactive brokers pledging my stocks
How far we've come in 10 years.
Put it all in Bitcoin
Crypto is the only reason I'm a homeowner.
Sounds like you’re spending outside your means if you need to take a loan out for 400k at 9+%
Yea it does sound like that doesn't it.
dont u need 1 million to buy the gc?
Do people ever ask themselves “how much is a GC actually worth to me”?
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What’s is the spilt of 1st loan vs second loan ?
What do you mean split? Like how far apart the loans were closed? About 4 years.