All Forum Posts by: Kumar Gaurav

@Rene Owczarski

It's a HELOC with no fees. Under normal conditions lenders allow additional cashout on HELOC based on appreciated value ,just for the sake of numbers I need $250k but lender is offering only $200k, property value is 500k+

@Rene Owczarski

No fees. Just additional principal down similar to a down payment when purchasing a home.

Think of it this way most lenders require 20 percent down payment for non-fha ,this particular lender wants it to be 30 Percent down.I am interested to hear why it's a bad deal since additional principal is getting paid down.

@Rene Owczarski

No. Probably I will save $25,000 in interest.

So, this $50,000 is paying my principal at the loss of some liquidity.

@Rene Owczarski

It is temporary for an year or two because of the Pandemic.

@Chris Reynolds

Thank you everyone this was very helpful!!

Hello,

I am in the process of Refinancing my loan and lender is offering me a better if I buydown the mortgage by $50,000.Although it's feasible to pay down principal by additional $50,000 at closing. I will end up compromising on the liquidity. Are there any creative ways to finance this without compromising on the liquidity?I am thinking about credit cards and helocs close to 0% promotional interest rates ,but they are hard to find during this pandemic .So I am exploring if there are any other creative ways.Appreciate your inputs.

Thanks

Hello

I am in the process of refinancing my loan and lender indicated that they need to see their name as loss payee on the home insurance policy document before the loan closes. Firstly,How is this possible while I am still with my old lender?Secondly is this normal as I did not come across this condition during my first loan. Appreciare your inputs.

Thanks

@Kevin S.

Got it!! Thank you this very useful information.

@Kevin S. And @Greg

Thank you very much for your advice.I heard about penalty free pull out of 401k due to the Pandemic,so I thought I should make best use of it given the 401k in my old employer's account is not doing too great. Perhaps I should find another vehicle to invest it.

Thanks

Hello,

I've been toying with this idea to pay down principal using 401k from my previous employer.Firstly, is it feasible? Any ramifications that I need to be aware of.

Appreciate your inputs.

Thanks