Lower mortgage/heloc lender

[Joshua B.]

Hey folks 👋  - I'm curious if anyone has used the lender, Lower (https://www.lower.com/)?

I'm considering them for a HELOC to help fund my first deal. Wondering if you used them before and had a good experience.

Thanks!

[Joshua B.]

Quote from @Dave Skow:

@Joshua B.- taking out the 1st mtg ? what does that mean ? do they then offer a large HELOC for the full amount ? with todays rates , many borrowers wont want to have their 1st mtg rates touched ? this sounds a bit bizarre

basically in order to offer the 95% LTV they want you to use them as the lender for the mortgage on the property the HELOC is associated with. So, they would refinance your current mortgage and then provide the 95% LTV HELOC.

In my situation with the option they gave me it doesn't seem to be far off from my current mortgage, I'm currently with rocket mortgage w/ a 2.8% ARM and to refi with Lower (in order to get access to the HELOC) the new interest rate would be 4.1. The new refi mortgage payment came in about $100 more.