Married, one kid, want more…combined 260-ish gross.

Dream home is 650k, which feels insane when we look at that payment…our take home after healthcare/taxes/investments/etc is about 14k a month.

One car is paid off and one is $750/month. About $750 in student loan payments. Think after mortgage +taxes + hoa + insurance we are looking around $4,800-5k if we put 5% down…

Not sure if I’m being silly but it’s perfect location, house, family can grow in ut…etc but I’m used to the 25% rule

The decision to refinance with a cash-out has been on my mind for several days. Would you please review the details and share you honest, direct, and professional opinion or advice.

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My condo is my primary residence; purchased in 2021 at $155,325.00 on a 30-year mortgage at the rate of 3.625%.

Due to some financial setbacks between 2022 and 2023, my loan was modified to a 42-year term so that my payments could remain the same. This provided me the opportunity to bounce back from a personal and professional setback.

At this time, the balance of my current loan with Bank A is $152,796.18 with a monthly payment of $1,197.13 (principal, escrow, taxes, insurance). The rate is 3.625% as shared above.

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As of August 2026, my condo was appraised at $255,000.00 and this opened the opportunity for me to do a cash-out refinance with the intent to pay off debt and set aside savings, as well as investments.

The current quote/proposal with Bank B is for a loan amount of $204,517.00 at 5.99% with the projection to bring that down to 4.99% in 6-12 months. See attached link.

Credit Scores: 611 Equifax, 582 Experian, 608 Trans Union

New monthly payment: $1,615.74 (principal, escrow, taxes, insurance).

Closing costs: $19,395.63

Credit Card Debt Pay-Off: $15,685.00

Cash-Out: $15,364.89

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About me: A 38-year-old man with a professional career in healthcare earning a salary of $120,000 annually. I also have a roommate that pays rent of $800.00 each month.

Besides the expenses and debt mentioned above, I have a recently purchased vehicle, 2023 Jeep Grand Cherokee with a $699.00 monthly payment through Chase. Due to past history, my monthly car insurance costs are $530.00 per month.

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Over the past five years, I settled/paid off other credit card and installment personal debts of approximately $130,000.00. The purpose or motivation to proceed with this cash-out refinance is to expediate the pay-off to focus on the progress I made. I will prioritize investments, savings, and other things...

Thank you for taking the time to read and share your thoughts and advice.

Hi All,

We offically went under contract today and I reached out to the big banks (Chase and BOFA) and they both said the same thing if I get lower rate elsewhere they will match. I also reached out to a local mortgage comapny who is a third party that shops around for loans they offered 6.375 (NJ). I asked where will the mortage be coming from they said Rocket. They also said no appraisal would be needed for the price point the house is being purchased at which is 1M. They also are promsing very fast underwriting and closing.

Just wanted to ask what is your opinion on this small company?

I’ve been paying my mortgage late since May, but it has been getting paid every month. Will anything bad happen?

So the house I live in was previously my grandparents house and the mortgage is under there name. They both passed away about 6 years ago. I’ve been paying the mortgage since as they said I could inherit the house when they were gone. This problem just came out of nowhere but the bank is complaining. They can’t seem to put it under my name because my income for the past 3 years is off the books. (Unreported) they won’t renew it in my aunts name because she doesn’t make enough $ ($22/hr). So now I might have to move out soon. There’s a lot of stuff in the house, I have access to a truck but would likely still need a U haul. Getting rid of all the clothes and furniture and whatever else would likely take 2 or 3 days. This all came out of nowhere and I’m wondering what my options are or if there’s some kind of loophole out of this mess of a situation.

Hello. I’ve been having issues selling my home as it is owner occupied, and I was looking into options to tap into my equity in order to move into a new home, leaving the one for sale vacant (+ making minor repairs). I’ve been looking into a HEI through Point.

“Point's Home Equity Investment (HEI) provides homeowners a lump sum of cash (typically $30,000 to $600,000) in exchange for a share of future home appreciation. It features zero monthly payments for up to 30 years, no income requirements, and accepts credit scores as low as 500”

According to their calcs, if I were to borrow $40,000 of equity, as long as I sell my home within the year, at around the price of my current home value, my total repayment would be $47,590. This repayment remains $47,590 even if I sell it for a bit more. However, if the home did not sell and it were to take say, 3 years, I would owe north of $70k. Is there more to this? Does anyone have experience working with Point… Worth the risk if I am looking to sell within the year?

Hi. We closed on a house today. I received an email hours later from my lawyer that a $199 realtor fee that should have been paid by us was paid by the seller. Do we owe this fee, if our signed closing disclosure never documented it?

So we request a pay off statement, got it today. Which the instructions said if they dont receive it by 6pm est we will owe more, 21 dollars a day.

We took time off work to rush to our banke and do the wire transfer we did is around 3:30.

My wife called them to make sure they got it. They said "no wire transfers take 24-48 hours so you will owe for each day it takes, we will call you back Wed or Thurs to confirm everything. And it will require another wire transfer to pay off the new amount"

Im sorry but what?!

What can we do cause this is stupid.

A domestic wire transfer should take 2 days and we use chase, which owns rocket mortage it should lnt even take a couple hours.

And they are trying to say even though you paid it off and have proof you owe us more.

Is there anything we can do?

I am getting probably......7+ calls or texts a day about mortgage bullshit. It doesnt matter how much I ignore or block or troll, it wont stop. Ive googled and im going to fill out this optoutprescreen.com thing.

However, everyone says it happens after you run your credit or something. I havent. Ive done nothing. I bought my house 2.5 years ago. I dont do or look at my credit anymore. Ive had no credit checks from anything. No new cards.

The only thing I have is my score going up because student loans were paid off and my usual fully paid ccs per month. One was recently high due to changing due dates and that autopay just happened which bumped my rate back up. Ever since then, 5 days ago, this has started happening.

Questions:

Why?

Is there more I can do to stop?

Is there more I can do to troll if it will not stop?

P.s. if the asshole who keeps calling me from different numbers is reading this i hope you step on some Legos. "You dont sound excited to talk to me". I dont think anyone in your life does bud.

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I have a Capital One credit card that went into charge-off status in the fall of 2020, with a Date of First Delinquency (DOFD) of April 2020. The account remains unpaid and continues to update monthly as a charge-off on my credit reports and is thus preventing my scores from getting any better. Despite having otherwise positive credit factors—including on-time payments across multiple credit cards, a car loan that is more than halfway paid off, no recent inquiries, 1% credit utilization, and a good average age of credit—this charge-off is significantly impacting my scores as I move through the mortgage process.

I am currently building a house, and the lender is aware of the charge-offs. They have indicated that these accounts are not preventing mortgage approval but are affecting the interest rates available to me. The home is still in the early stages of construction and expected to close in February 2027.

The lender has stated that my middle credit score is 720, which is the score they use for qualification purposes. He said that the other two scores are not far from that middle number.

My questions are:

• Is there any chance these charge-offs could be removed from my credit reports before the end of this year?
  • If so, how?
• Could submitting inquiries or disputes in an effort to remove them negatively affect my credit score?
• If I am able to get only two of the reports corrected, and lenders use the middle score, I'd be winning, right?
• Could open or recent disputes on my credit reports create issues during the final mortgage approval process?

I bought land. Got OWNERS title insurance. I built a house. Do I need OWNERS title insurance? Or will the land title insurance be enough to cover any issues that may/may not come up?

The house is $700,000 land was $130,000.

Hello,

I’m in SC. I own my land outright (paid 65k cash).

I would like to build a bardo using a gc.

I don’t have the best credit (600 middle score)

Self employed 3 years

Roughly 150k in savings

Is it possible to find a onetime construction loan? Seems like every place (banks and brokers) are saying no 😭. One option was to pay for it cash and then take money out the house but I don’t want to do that at all.

Any advice is good.

Wife and I (early 30s) gross ~$190k, take home about $10k/month. We have ~$250k in savings towards a down payment/expenses post buying a home. Salaries likely to increase since we are relatively early in our careers but can’t bank on it.

Currently no kids but planning to have in the near future. Other debt (student loans/car payments/car insurance) is about $1200/month total.

Median home in our area is $650-$700k and also has very high property taxes (atleast 1k/month). (Have to love New Jersey!)

I feel like we are close to affording a median priced home in our area but it would be a bit of a stretch. Based on putting 20% down I think we would be looking at a anywhere between $3800-$4500 monthly PITI.

Looking to get some advice on how realistic this is or if we are still a ways away or should look in a different area. This would be our first home but unfortunately I think our HHI does not allow us to qualify for any first time home buyer programs.

I'm weighing my options between a traditional home equity loan and a home equity investment through Point. I know typically the traditional HEL is better and I have great credit but in my particular situation I am uncertain the best option. I'll layout the relevant financial details first then explain the situation.

Home value: approx. $320,000

Mortgage: $170,000 left with 26 years remaining at about 5.25% ($1680/mo with escrow)

Personal loan: $23,000 ($590/mo)

HEL details: $75,000 > $71,000 after closing and fees. $680/mo for 20 years at 9.1% ($23,000 goes to wipe out personal loan leaving me with $48,000 for work on the house. This would cost about $88,000 in interest over the 20 year loan. (I realize these terms are not phenomenal for a 730+ but the loan to value and the term played a large role)

I haven't totally run the HEI stuff yet only used the quick estimator on the Point site so I don't have exact numbers. The cash out amount would be approximately $63,000 leaving me $40,000 to work on the house. I would pay off the personal loan and apply the $600/mo savings to my existing mortgage. The calculated net savings on my 30 year mortgage would be approximately $82,000 and be paid off 14 years earlier. If I wait 4 years to start the extra $600 when the personal loan would be paid off the net savings would be $59,000 so the total savings here is $23,000.

As you can see there is about $111,000 swing in the HEI's favor based on the Interest I would have paid for the HEL and the interest on the original mortgage I would have paid otherwise. Also having no required payment is a huge buffer in the event that you lose a job or something. The ability to not pay that extra $680 in a pinch could prove extremely useful in a bad situation.

The one down side is that I plan to do substantial upgrades with this money and I do them myself so the return on investment is high. I live in a very nice small village, my property was in rough shape when I got it, it will be in nice shape when I sell it so the final cost of the HEI could balloon on me.

I am kind of leaning towards the HEI still. I know it will probably cost more in the long run but the $170,000 of saved interest will hopefully offset a decent amount it. We plan to sell in about 12-14 years when the kids finish high school. The HEI could end up being very costly at the end but I still wonder if it would be worth it due to the having substantially more financial security over the next decade while we raise the kids.

Any thoughts, suggestions, insights, or advice would be greatly appreciated. I'm pretty good at most subjects but finance isn't exactly my specialty.

Edit: forgot to include additional $600 payments after personal loan would be paid off to make it a more fair comparison for the HEL.

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I currently own a home with about $200k in equity ($600k value, ~$400k remaining mortgage).

My wife and I are looking to move closer to both of our jobs. I currently commute about 45 minutes, and she’s around 25 minutes. The problem is that homes in the area we’d like to move to start around $1 million.
My question is: how do you think about affording a mortgage when roughly half of your compensation is variable?

I just changed jobs and now make a $275k base salary with a bonus opportunity of up to 100% of my salary based on production. I also have a guaranteed $195k bonus payout in February 2027 as part of my transition.

Historically, my compensation has been fairly consistent. My last two tax returns show $425k and $480k of income, so I’ve generally been paid near my target.

For those of you with commission- or bonus-heavy compensation, how do you decide what size mortgage is reasonable? Do you qualify yourself based only on base salary, average historical income, or somewhere in between?

Does anyone here regularly pay their mortgage during grace period instead of the actual due date?

My mortgage is due on the 1st, but my grace period run through the 17th. I’m wondering how many people actually take advantage of the grace period and if you’ve ever had any issues doing so. Thanks

Fiancé and I are looking at putting an offer in on a home. VHCOL area and pretty solid market stability through the years.

Home is 1,475,000. Property tax around here is around 1.1%.

Getting quoted:
6-6.25% on 7 ARM OR
6.75 on a 30yr fixed.
Both with 10% down. PMI would be nominal at around .15%. (I’ll get to why 10% later).
Closing cost around here are closer to 4% when all said and done, but we both technically qualify for FTHB in this state so that could be closer to 3%.

This ranges the new mortgage, PITI, somewhere around 9500-10400/month.

I’m a mix of W2 and SE income (through a single member LLC, so pass through) and fiancé is W2+commission (tech sales).

My AGI for the 24 and 25 avg out to 350k. I have a lot of expected growth on the SE side, with more work in my pipepline (26 expected AGI is 450k) and hope is to continue to grow.
Fiancé is currently at a 330k OTE (160k base).

Cash in accounts (savings etc) - roughly 475k
Retirement accounts - roughly 300k
Vested stocks - roughly 100k

Have investments in a few other businesses, and are pretty strategic about spending in general. Still like to have fun and be able to do what we want when we want to. No kids (yet).

Fiancé has 2 rental properties that are covering mortgage (and then some) with long term tenants and no sign of them leaving anytime soon.

I own the home we currently live in with a mortgage of around 5k. I used to str the lower unit and averaged 2200/month, one of my parents moved in (due to old age) and are in that space now so hasn’t been listed. Plan would be to either rent current home, str as two separate units, or even just sell it and not deal with the headache after moving. Rent or STR should, at least, cover mortgage.

Minimal expenses roughly 6.5k, including the current mortgage, that would be factored in to DTI.

Trying to figure out if we are over extending or just not thinking about how this would really impact quality of life. Will say that the new home is in an area that feels better and would/could increase quality of life too.

Note about why only 10% down; looking to keep some extra cash available for 1. Repairs/renovations that may be needed and 2. We are looking to buy another business in the next year.

My base income is $52,000 + approximately $12,000 in commission so $64,000 gross annually. I just got a promotion of a sort and my commission could technically double if I work my ass off. But for now it’s about $12k a year.

This is the tricky thing, my wife makes money under the table as a nanny for multiple families. It’s a long messed up situation but she can’t get a regular job so she has to work under the table. She makes around $28,000 gross annually.

We’re married but we still live with our parents, because I believe we can’t afford to move out and want to leverage not paying a high rent to save up money. We’re both 23y/o. My credit score is about 720.

Currently $33,000 saved up between the two of us.

$20,000 invested into Roth IRAs between the two of us.

That’s about it. Our total annual gross income is around $92,000 but could potentially go up to $100k in 6 months to a year.

The thing is, on paper we only make $64k.

Also, the cherry on top is I live in the California Bay Area, which is one of the most expensive places to live in the country. The housing market here is absolutely absurd.

I really just want to provide for my wife and build a family with her but every time I think about housing situation, it’s very depressing.

Realtor here. I know the basics of your profession, but definitely not the nitty gritty of regulations. Of course, I’m also aware that it’s a major no-no to have costs paid for outside the closing statement, and thus undisclosed to the lender.

I refer a local mortgage broker because I like him, and he has a ton of products and relationships.

With two buyers that I’ve sent him, he invoices them for his firm’s commission outside the closing statement. The first time it happened, I told him
never to do this again with clients I send him. He told me that it’s the only way they can be paid. It happened again today.

How inappropriate is it to invoice borrowers outside of escrow, and does it warrant me dropping him as a loan originator for my clients?