r/HomeLoans

What's the best place to get HELOC ? I have about 670 credit score and husband has 600?

In North NJ.

we all have 700+ credit score.

Dad makes 125k a year, mom makes 80k a year, brother makes 80k a year and I make 50k a year.

We all plan to contribute to the mortgage of the home and possibly pay it off early but realistically it is a retirement home for our parents until they pass and my brother and I do not plan to live there long term and realistically we sell when they do.

We’ve tried doing online calculators but was thinking let me ask reddit. Thank you for your time.

edit: we are each planning to put 20k down so 60k-80k total (depending if my parents put down individually or together)

hi I am looking at changing jobs, I have been at my current job for 5 years. if I leave I will only go to a better paying job. will that affect our ability to get a construction loan? do I need to stay where I’m at until we get finished? going to call the bank and ask on Monday but worried & want to ask someone now

Hey guys! Last year, before I thought I was going to buy a house possibly this year, I booked a trip out of the country for three weeks in June. With my (W2 PRN) job, there is no PTO, so when you’re not working you’re not getting paid. Because of that, I thought I should wait until August to apply for a mortgage so that July would show income.

Now, I wonder if I need to wait longer since they look at checking statements from three months back. I did financially plan for this and I have the savings to cover the bills while not working (although my savings will definitely take a meaningful dip) but I don’t know if it would look too bad. Not a first time homebuyer (currently renting) and in Texas if that matters. No debt, great credit.

Is their a such thing as a 7 and 10 year arms loan?

I am planning to apply for the mortgage loan, need advice if this is still the right time to apply for mortgage, and recommend what are best options

Hi everyone, wanted to know how soon typically takes to refinance a home to a different company. Currently have newrez for my mortgage loan and although I didn’t have any bad experience with them, I wanted to switch to a more reputable lending company like chase bank. What are the steps needed, and how soon after buying a house for the first time is a better time to refinance. What are the usual things a bank will look at before getting approved ?
Thanks I appreciate your responses.

1. Loan Type: Jumbo

2. Term: 30 Year

3. Loan Purpose: Purchase

4. Property Value/Purchase Price 2,730,000

5. Loan Amount: 2,184,000

6. Credit Score 800

7. Occupancy: Primary

8. Legal Structure: Single Family

9. Number of Units: 1

10. Property Zip Code 06890

I’m getting ready to apply for a mortgage later this year, and my lender basically told me I’m right on the edge of qualifying for a noticeably better rate if I can raise my score a bit more before we officially apply.

That conversation kind of freaked me out because I didn’t realize how much even a small score increase could change the monthly payment.
Right now I’m trying to do everything right. Paying balances down, checking for reporting errors, avoiding new accounts, all that stuff. But the whole process feels confusing and slow, so I started looking into some of these newer AI-based credit tools/apps. Anyone used anything similar?

Currently buying a primary home and trying to think through the smartest mortgage strategy.
Purchase price is around $1.3M with 20% down. I recently started a business, so I’m going the bank statement loan route for now rather than conventional financing.
The business is doing well, but since it’s still newer, the plan is to refinance into a conventional loan once I have more business history/tax returns and things stabilize further.
Right now I’m deciding between:
Lower rate with minimal lender credits
or
Slightly higher rate with larger lender credits to offset upfront closing costs
My thought process is that since this loan is probably temporary anyway, it may not make sense to pay a lot upfront to buy down the rate if I’ll likely refinance within the next couple of years.
I can comfortably afford the payment either way, so this is more about optimizing the numbers long term.
For anyone who has gone through a similar situation:
If you already expect to refinance later, does taking the higher rate for lender credits usually make more sense?

I am looking for recommendations on a lender who can do a refinance at my second home in WA at no cost. Please feel free to reach out via a DM or share your recommendations.

They jack up the prices of everything. They will lie to you about costs and they rarely respond during the process. They’ll likely stick one of the assistants with you to help and then once you sign the papers, they will never be heard from again.