Seeking credit and snail mail offer

[iv]

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@8bitmachinegun wrote:

Thanks for the detailed run down. One other fact both puzzles me and complicates the situation: my mortgage does not appear on my credit report. Thanks to my BK7 several years ago, the mortgage servicer no longer reports anything, positive or negative, about my mortgage to any of the CRAs. As far as they're concerned, my mortgage doesn't exist. So I'm curious as how Figure knows about my mortgage, and if it's stealth status could complicate the loan process. Oh, and they also show that I owe $67K, when I really still owe $76K. That may be due to a loan modification I got a couple of years after the BK7.

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Alternate data sources (the other lesser-known CRAs...) and/or estimates based on last sale date and market value (IE: they are likely just guessing).

That's not likely to be much of an issue with Figure, anyway.

[8bitmachinegun]

I went to figure.com and put in my reservation code, and got data that's a little harder. It looks like they base their loan offer on Experian data (good for me), though they may pull other CRAs later in the application process. I was "pre-qualified" for ~$35000 with interest rates from about 9.75% - 11.5% depending on the amount of the 'initial draw' and length of the loan (5-15 yrs). That's including a 0.5% discount for automatic withdrawals from my checking account.

Apparently I can make additional draws, which surprised me (I'm not familiar with how home equity loans or HELOCS work, never having sought one out.) That might be needed depending on how much repairs cost. But the payments for a full $35K were pretty high ($800/mo for 5 yrs, $535/mo for 10 years.) Origination fees varied according to the amount borrowed ($750 for $15K, $1250 for $25K.)

Of course all this may be subject to switch and bait...

Does any of these sound outrageous or unreasonable? How does it compare to the terms of a regular bank loan?

[CreditInspired]

The interest rate seem pretty high for a home equity loan. I would say shop around. 

[8bitmachinegun]

Is there a way to know if a given bank or credit union uses AVMs or appraisals in the loan approval process? An online resource would be great.

I also went ahead and ran my credit report. My scores are currently in flux, but here's what I've got as of today:

FICO 8 - EX 677, TU 659, EQ 648

Mortgage - EX 706, TU 664, EQ 678

Not sure why my mortgage scores are a good bit higher, but that's what MyFICO says...so it must be true, right?