Home Buying & Real Estate Thread

i’ve checked with a few lenders and it’s between 5.9 and 6.5 maybe it’s because it’s a jumbo loan? I really don’t know…
I guess, but I'm sure it's commensurate with home values where you are. Call LoanDepot and AmeriSave or do it online, I've gotten the best rates from them consistently. I am on 2.25% right now from Loan Depot(obviously from years ago not since the pandemy)
 
アミーゴ アミーゴ I need a hookup when I come back to Seattle, my mom had a fire Airbnb duplex on Alki we used to stay at when we visited but she sold it a couple years ago. She has a couple dumpy homes in beacon hill we could stay at but it just ain’t the same 😭.
Alki was too perfect. Quick bike ride to those lil restaurants/bars, or to the ferry to downtown. Nice lake view to chill and watch the sunset.
 
Was considering a cashout refi months ago but with interest rates increasing I don’t want to lose my current rate of 3%. Really want to get this backyard done so now I’m looking at a HELOC. Market has cooled but based on comps our real estate agent sent we have at least 200k in equity. Looking for a 100k credit line to cover the backyard now and basement a little later.

Would it make sense to apply for a HELOC now before home values fall? And would the bank look at my credit only or my wife’s too?

Go for HELOC and not cash out refinance. Stick with your current rate. They will run both of your credit. Not a bad move, but stay disciplined. If you are good with your credit cards, go for it. If you struggle staying within your limits with your CC, save some cash instead.
 
Bro the heloc is added debt to your mortgage. I think the safest play right now is not to add more debt.

In terms of price and real estate market fluctuations , you risk making your mortgage higher than house value by borrowing against it right now.

You say you have 200k in equity and wanna borrow a hundred. Making it now only 100k in equity. Based on what’s happened That’s about .25% interest rate hike for that to get wiped out.

Of course Unless you are in it long term. Than all this doesn’t matter and go for it.

A HELOC is not added debt to your mortgage. It’s a separate account that you can use or not use, similar to a credit card.
 
In Los Angeles, million plus is cooling and 6-800k are moving. Million asking price are still selling but not as fast.
 
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