All Forum Posts by: Joshua B.

This is such a good thread and highlights a lot of what I've seen in other markets I've been looking into.

I think the best thing you can do is run a few set of numbers on a deal for the worse, average, and best case. If you can't weather the worse case for any period of time then you should heavily consider that risk (this is the notion of business cycles that was mentioned above).

Thank you, that’s all great advice. I was able to get some details on the new mortgage, the cap was 2% up or down, so the range would be 2.1% - 6.1%. And good point on the the “free refinances for life” selling point, they really make it sound like it’s a unique feature.

I’m having some better conversations with Quorum FCU. No refi involved on first mortgage and still at a nice cltv, 85%.

Right, it sounded like that’s the way in which Lower is able to offer that high percentage and offer this program. The only fees would be the appraisal cost. 

Refi’ing wasn’t my intention initially tbh, but I haven’t had my current primary mortgage that long (refi’d with rocket mortgage last July), so I’m not opposed if the numbers work out.

I'm still shopping around, though. If you have any lenders for HELOC please let me know 😊

Also, another point Lower mentioned was they provide $0 closing costs on future refis as a customer. Need to look into this more, just thought it was unique  

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.

@Dave Skow Exactly, the 95% LTV is what attracted me initially. I just got off the initial call with a rep from Lower earlier today, and so far so good. I have about $110k equity in my primary home and they are able to get me 95%. However, they way Lower structures this program is by also taking on your first mortgage

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!

Hey @Keith Dowdy 👋 Appreciate you offering to help out!

I'm just starting out my REI journey and learning everything I can at the moment. My wife and I love the Boone/Blowing Rock area (we were just there this past February at Beech Mtn. to snowboard), so we're in the process of deciding on focusing there to get started with a vacation rental, buy/hold, and short-term rent. We would plan to reserve 1-2 weeks / year for personal use.

Would be happy to connect and/or setup a phone call to chat more.

Thanks!