You don’t even know what’s good and what’s bad. Stop being so stubborn 
Being judged by a 
, love it 
You can take a poll to rate your stubbornness. You might be surprised 
I now regret to send you a perfect suggestion which is totally wasted
#1 - HELOC is not invented by you
#2 - HELOC kills your DTI ratio
#3 - Glad you are taking interest in my life, you are getting more humanized by the second 
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#2 is incorrect
Oh yeah? Gimme your broker contact to prove #2 is not correct.
I know more than the broker, just ask me. But I already gave you the answer, no need to ask 
You wanna do all my loan work? 
No, too little pay
You licensed? Can’t demand high pay if you operate in the black market.
How much does loan agent make? If it is good enough, I can consider that
harriet is correct on #2. The rule they follow to account HELOC is different from ARM or Fixed.
If you have $250k HELOC, they account $2500/month as your cash flow per month whatever may be your rates or terms. Even if you pay $100/month actually, refinance team accounts $2500/month.
HELOC kills your DTI ratio
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“The actual rule from Fannie/Freddie is that they don’t care about the debt if the balance is $0.”
If your bank count an imaginary debt service, you can find another bank
I have heard conflicting answers from different loan brokers. The prevailing answer is the entire line size (not balance) is counted as debt, but the loan broker who did my last refi a few years ago said they only counted the actual HELOC balance for debt calculation so my DTI was lower than I had expected. Maybe it’s lender-specific.
Should’ve borrowed more.
The key is few years before, yes that was, but not anymore. Entire line balance (even if you have 0 balance) is accounted now and 1% is per month cash flow accounted!
Fannie/Freddie are guideline mainly. You can not find lenders now who flexibly account the way you think!
Most likely you will end learning lesson than practically get a loan with heloc. I have not seen one lender past 24 months with your heloc accounting method.
Some brokers may not know the rule and they will accept Loan docs, appraisal fee etc, but finally underwriter will ask you either close the Heloc or reject your loan. You will be caught into that mess.
Good luck with your searching service, then !
likes to talk theory. Need to get on the machine learning bandwagon.
I’m still trying to decide whether to do cash out refi or HELOC for a home addition…comparing the two is confusing because one is locked IR and the other isn’t…plus there are more fees with the refi
I have heloc and it didn’t affect my refi recently.
For your lender, if you use the heloc fully, does it count the actual monthly payment or the 1% of the balance?
It’s possible that some lenders may have some stupid overlay, but it makes no sense.
HELOC is ARM. Cash out refi can be either fixed or ARM.
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Washed brains are hopeless. You never had heloc, how did you know?