tryan
Thinks s/he gets paid by the post
- Joined
- Mar 25, 2005
- Messages
- 2,604
Thought this was interesting ... was just DENIED a re-fi on an existing HELOC. Reason being "Insufficient Income for Amount of Credit Requested; Excessive Obligations to Income". Was hoping to drop my rate 1% ... looks like this ain't happening with these people.
Here's the nitty-gritty .... been developing some waterfront land as a vacation rental. Almost done ... dipped into two HELOCs to polish the place. Good news is the realtor (who sold me the land years ago) says the place is worth almost twice what I put into it. It's free n'clear .. and has NO rent history - yet.
Went back and forth with the bank identifying rental income, two years taxes where provided. End result they want me to keep paying prime when prime -1 is available. Not the end of the world, but it seems that the WORKING get better rates.
So, what are the FIRE'd doing to renew thier credit?
As a side note my credit score >700.
Here's the nitty-gritty .... been developing some waterfront land as a vacation rental. Almost done ... dipped into two HELOCs to polish the place. Good news is the realtor (who sold me the land years ago) says the place is worth almost twice what I put into it. It's free n'clear .. and has NO rent history - yet.
Went back and forth with the bank identifying rental income, two years taxes where provided. End result they want me to keep paying prime when prime -1 is available. Not the end of the world, but it seems that the WORKING get better rates.
So, what are the FIRE'd doing to renew thier credit?
As a side note my credit score >700.