All Forum Posts by: Nicholas Fogal

Hey everyone! I hope this is the right category for this post.  

I currently own and have owned a home in Stockton, California since 2019.  I have a 2.625% interest rate and the home is in a desirable, established neighborhood in the city and just a few minute walk to the University of Pacific.  All in all, the home is older but that is standard for the neighborhood and I have a solid amount of equity in the home currently.

Recently, my dad said he is retiring and moving out of California.  I told my dad I wanted to buy his house and he was absolutely on board for that.  The home is in the Sacramento area and closer to the rest of my family and he would sell it to me for a little under market value.

Looking at my options, I could keep the Stockton home and rent it, along with having a new primary residence in the Sacramento area.  Or, I sell the Stockton home and put the money made, along with my savings towards the Sacramento home and be mortgage free within the next few years.

My long term goals are to have cash flowing rental properties, but to also be financially and debt free.  Any advice and suggestions would be greatly appreciated.  Thank you, everyone!

Thank you

Either 70 or 80 LTV. Refinance is off the table, in my opinion. My interest rate on the house is under 3 and I'm not wanting to touch that.

Hello! What banks have you all had luck with for HELOC's?

I recently rented out of my former primary residence and tried to get a HELOC through US Bank. My goal with the HELOC is to use the money to purchase another investment property. US Bank told me they could not since it is not my primary residence and their Mortgage Department would have to reach out.

Does anyone here have experience with US Bank HELOC's and if not, maybe HELOC's in general and has recommendations. Any help would be greatly appreciated. Thank you!