Better.com Reviews - Refi Options

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Better.com Reviews - Refi Options

Tyler Kesling
New to Real Estate · Ashland, KY · Member since 2024 · 52 posts · 19 votes

I need to refi my HELOC on my first investment property. I used my local credit union and even though it advertises the benefits of interest only during the drawl period, apparently the require interest and principle during the drawl so my payment is about double what I was expecting. I didn't find this out until closing so that's on me. Anyways, I used GROK Deep Search to look at my situation and find me a lender for refi of the investment and it recommended Better.com. Does anyone have any experience with the company? Other suggestions to get this knocked out pretty quick? My first payment is only for the closing on the HELOC so I've got a little time to get this worked out before going in the red.

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Brandon Croucier
Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
1y

How much is the HELOC?
What is the current value of the property?
What is the remaining 1st position debt?

There are a lot of HELOC's on the market and going direct with a large lender may not be your best bet.

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  • Brandon Croucier
    Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
    1y

    How much is the HELOC?
    What is the current value of the property?
    What is the remaining 1st position debt?

    There are a lot of HELOC's on the market and going direct with a large lender may not be your best bet.

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y

    It looks like they have an NMLS number. 

    I would suggest reaching out to a Loan Officer there and interviewing them. 

    I would ask the following : 

    1. What is your process from a to z

    2. What are the fees paid prior to closing and at closing?

    3. Do you have a personal google reference page? 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Tyler Kesling
    OP
    New to Real Estate · Ashland, KY · Member since 2024 · 52 posts · 19 votes
    1y

    @Brandon Croucier The HELOC is for $70K, the value of the property is roughly $140K. The only debt on the house is the HELOC. I used cash for the balance. I just trying to reif the HELOC into a traditional mortgage.

    0Reply
    • Brandon Croucier
      Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
      1y
      Quote from @Tyler Kesling:

      @Brandon Croucier The HELOC is for $70K, the value of the property is roughly $140K. The only debt on the house is the HELOC. I used cash for the balance. I just trying to reif the HELOC into a traditional mortgage.


      This should be easy to get done, a DSCR loan is probably your best bet, 75k is most investors minimum loan amount, payoff the loan & cover your closing costs. Happy to help.

      0Reply
    • Tyler Kesling
      OP
      New to Real Estate · Ashland, KY · Member since 2024 · 52 posts · 19 votes
      1y
      Quote from @Brandon Croucier:
      Quote from @Tyler Kesling:

      @Brandon Croucier The HELOC is for $70K, the value of the property is roughly $140K. The only debt on the house is the HELOC. I used cash for the balance. I just trying to reif the HELOC into a traditional mortgage.


      This should be easy to get done, a DSCR loan is probably your best bet, 75k is most investors minimum loan amount, payoff the loan & cover your closing costs. Happy to help.


      Just closed on it so I think I need to wait a few months to get some income flowing before I can DSCR.

      0Reply
  • Tyler Kesling
    OP
    New to Real Estate · Ashland, KY · Member since 2024 · 52 posts · 19 votes
    1y

    @Erik Estrada Thanks for the advice. I see they have a contact but it's all AI so that's interesting to see if I would be interacting with a real person, although if the bot gives me the info, does it matter? 

    I've never heard of them so I'm curious if anyone has.

    I will have to find a new institution for my next HELOC. I need to get this one closed out and start over but hopefully my appraisal will still be acceptable and I can skip that step next time.
     

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    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Tyler Kesling:

      @Erik Estrada Thanks for the advice. I see they have a contact but it's all AI so that's interesting to see if I would be interacting with a real person, although if the bot gives me the info, does it matter? 

      I've never heard of them so I'm curious if anyone has.

      I will have to find a new institution for my next HELOC. I need to get this one closed out and start over but hopefully my appraisal will still be acceptable and I can skip that step next time.
       


       That's strange. 

      There should be a licensed officer in the company. It can't be all AI just yet LOL.. 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
    • Jay HurstBusiness Member
      Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
      1y
      Quote from @Erik Estrada:
      Quote from @Tyler Kesling:

      @Erik Estrada Thanks for the advice. I see they have a contact but it's all AI so that's interesting to see if I would be interacting with a real person, although if the bot gives me the info, does it matter? 

      I've never heard of them so I'm curious if anyone has.

      I will have to find a new institution for my next HELOC. I need to get this one closed out and start over but hopefully my appraisal will still be acceptable and I can skip that step next time.
       


       That's strange. 

      There should be a licensed officer in the company. It can't be all AI just yet LOL.. 


       Better does do pretty much everything via AI. Great if you are 100% cookie cutter including the property, not so good if not. 

      Hurst Real Estate, INC4.991 Reviews
      WebsiteView Page
      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Jay Hurst:
      Quote from @Erik Estrada:
      Quote from @Tyler Kesling:

      @Erik Estrada Thanks for the advice. I see they have a contact but it's all AI so that's interesting to see if I would be interacting with a real person, although if the bot gives me the info, does it matter? 

      I've never heard of them so I'm curious if anyone has.

      I will have to find a new institution for my next HELOC. I need to get this one closed out and start over but hopefully my appraisal will still be acceptable and I can skip that step next time.
       


       That's strange. 

      There should be a licensed officer in the company. It can't be all AI just yet LOL.. 


       Better does do pretty much everything via AI. Great if you are 100% cookie cutter including the property, not so good if not. 


       That's crazy. 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
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