Signed Tuesday on the refi. Got the email today that everything is in order and it will fund Monday. It's tempting to just be done.
But I stopped in to talk to the manager re: the HELOC. He wanted some documents from the refi so I ran them back to him. He said I should hear from him Monday or Tuesday re: what more they might want/where they want to go from here.
ETA: I just figured we've saved $80 a month over the rates that are showing today. 
@Anonymous wrote:Stopped in to inquire about the HELOC a few days ago. Was told they'd need to do their own appraisal, but they'll take the refi appraisal 'under advisement' or something like that. I almost chose not to continue, thinking that there's still a possibility that they won't appraise it high enough to make sense, but I'll take the chance. Forwarded latest paystubs and new signature to proceed form the past couple days. Got notice of EX inquiry today. (crazy thing is DH's went up 17 and mine went up 7 on inquiry...I'm betting it's because some other payments hit, but still makes me laugh).
To make the HELOC work at a $50k line, we'll have to pay down some of the original loan. I just thought of the fact that this is something I'll need to find out for sure that it's been communicated to UW and make sure how much to pay AND figure out how to make a payment on the new loan.
When I got worried that the appraisal wouldn't be enough to get the $50k CL, I realized that if it's less, it'll still be like a nice limit CC and I just choose what to use and not use accordingly. I still have no idea if my $50k CL idea is truth or not.
Also, by signing when we did on the HELOC the first time, we lost the spring promotion of 5 months super low interest. Oh well.
I don't think lenders can take appraisals not done inside their own process from a UW standpoint if nothing else. Thought that might've changed with 3rd party appraisal companies but for something like a HELOC which doesn't have GSE oversight, can see their point on that. Yeah, I got a chuckle out of my own +8 points on EX as a result of a mortgage inquiry 
. Did manage to track down my change but it was funny never-the-less.
What do you mean re: 50K CL idea? I might've missed that in the thread 
. HELOC's typically are listed as installment anyway... hmmm, actually I wonder if it counts as mortgage or non-mortgage installment loan - would think the former for a few reasons but it's a curiosity point stemming from my installment utilization testing I'm doing currently.
@Revelate wrote:
I don't think lenders can take appraisals not done inside their own process from a UW standpoint if nothing else. Thought that might've changed with 3rd party appraisal companies but for something like a HELOC which doesn't have GSE oversight, can see their point on that. Yeah, I got a chuckle out of my own +8 points on EX as a result of a mortgage inquiry . Did manage to track down my change but it was funny never-the-less.
What do you mean re: 50K CL idea? I might've missed that in the thread . HELOC's typically are listed as installment anyway... hmmm, actually I wonder if it counts as mortgage or non-mortgage installment loan - would think the former for a few reasons but it's a curiosity point stemming from my installment utilization testing I'm doing currently.
I wouldn't have thought they could have used the appraisal (and I think when you sign to ask for a copy you agree not to use them for any other purpose) but they made it seem like maybe they could when we talked after the refi. I'm hoping it points them to appropriate comps, because the comps they used on the drive by were anything but. (One side of the tracks vs. other side of the tracks, so to speak). The branch manager mentioned some kind of change that took place in January re: using the other appraisal. Not sure if he was admitting he hadn't known of the change and my case made him learn of it or what. :shrug:
So the 50k thing... I've tried to read here, there and everywhere on when does a HELOC report as an installment and when does it report as a revolver. It seems that when HELOCS first came about they were all counted as revolvers because they really are. But then again, they're not. So in an old algorithm there were thresholds set (IIRC) and if a CL is over X then it's really likely NOT a revolver but a HELOC so treat it as an installment. With newer algorithms, and with more sophisticated communication between lenders and CRAs, it sounds like it's gotten better, but I've still read enough about lines under 40k or 50k reporting as revolvers to spook me into not wanting to do a HELOC under 50k.
So my plan is, assuming I get enough room to do so, to take some of the money from the cash out refi and pay down the new mortgage enough to get to the 50k mark on the HELOC. The plan is also not to utilize a ton of the HELOC right now, but to use a bit and have it available for whatever I don't have paid down that's currently on 0% thru 7/16.
A $5k day at the vet yesterday (and losing a very, very sweet dog) has swallowed up a bit of the cash out (or will when I pay off 2% cards with the vet bills on them later this month) , but I'm holding onto the bulk of it to have the flexibility to pay down the mortgage a bit.
Oldie but goodie:
Ignore the parts about "scores you receive here" as that's changed substantially in the past few year.
@Anonymous wrote:Possibility of HELOC with US Bank is officially dead for now. They won't budge off their original drive by appraisal. I'm really fine with this. I don't really NEED it now, it would just make me more relaxed to know it's there at the end of my 0% things. We may try again in 6 months (that's the window the manager said), or may look around more. I am going to contact him again though, since he made it seem like it was that they wouldn't reconsider again until 6 months...which means he shouldn't have had them pull our credit again.
Happy to be able to check it off my list, and overall I think we did well doing just the refi.
Getting a refi accomplished at recent rates is nothing but goodness. HELOC can be handy but I don't think the interest only payment structure is going away anytime soon, nor do I think rates are going to go markedly up over the next year, Fed still saying the same things they have for the last two years and when they do move, it won't be at a sprint.
You came out ahead, congrats!