My wife and I currently have about 11% DTI on high six figure gross income and excellent credit. We are looking to borrow an additional $200k, which would be an additional ~$4000 a month in debt payments, to finance a home remodel; this would still keep us below 20% DTI. Once the remodel is complete we would likely convert this to a HELOC.
I have been looking around at how to do this and landed on the usual suspects others recommend - Sofi, Lightstream, credit union, etc. It looks like almost all of them max out at $100,000 borrowed. I don't think we'll have trouble getting a loan from e.g. Sofi. My concern is if I go to the second lender and they see the Sofi loan and freak out for some reason about the amount of unsecured debt.
Has anyone combined these, or gotten a loan from multiple different sources?
I am aware of margin loans from Interactive Brokers, 401k loans, etc. I asked around about the possibility of a construction loan but the banks I talked to didn't seem too keen on it, plus we have a good interest rate on our primary mortgage and want to keep it.
I have been looking around at how to do this and landed on the usual suspects others recommend - Sofi, Lightstream, credit union, etc. It looks like almost all of them max out at $100,000 borrowed. I don't think we'll have trouble getting a loan from e.g. Sofi. My concern is if I go to the second lender and they see the Sofi loan and freak out for some reason about the amount of unsecured debt.
Has anyone combined these, or gotten a loan from multiple different sources?
I am aware of margin loans from Interactive Brokers, 401k loans, etc. I asked around about the possibility of a construction loan but the banks I talked to didn't seem too keen on it, plus we have a good interest rate on our primary mortgage and want to keep it.
Statistics: Posted by callumguitarist — Tue Apr 23, 2024 4:08 pm — Replies 5 — Views 242