For recap:
60k AGI (300k Gross)
785 Credit
Self Employed
Revolving monthly credit card usage 15-20k paid in full monthly
Home value 413k (balance of 215k)
BOFA: ⛔️
LOCAL CREDIT UNION: ⛔️
Checked out Achieve-----
They are offering 70k at a fixed rate of 9%
5 year draw 30 year pay off. They however are only allowing full withdrawl of the 70 and can return needed funds to lower monthly.
9% fixed seems way too high honestly
Home value: 400k
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Remainder: 215k
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Requesting Heloc limit: 150k (30k withdrawl)
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Credit: 750+
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State: Wa
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Ive had bofa for years as a bank, decided to try them first. Im a sole prop service business that personally brings in 200-300k a year. And has consistently for a while.
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Got a call yesterday that I need to pay off my credit card (20k) that gets paid in full every month AND pay off our hvac financing (also at 0% interest) WITH HELOC FUNDS ON DISBURSEMENT OF THE REQUESTED 30K.
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I asked him if he had a brain injury because why on God's green earth would I trade 0% interest I get for paying my cc bill every month in full (this is not old cc debt, that is the previous months statement that had already been paid in full) and 0% interest for our hvac conversion a few years back to a nearly 8% heloc loan with a 10 year maturity rate?
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He quietly said he would need to go back and talk to the underwriters. Also keep in mind I needed to write a letter explaining why I made slightly more last year than in 2024 as part of the application process, I literally opened word and typed in "I charged more", saved and sent and it was accepted as a explanation 😅
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