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My HELOC draw period ended last month and the bank's payment shock estimate was way off
They projected my payment would jump to $850, but the actual full amortization schedule came in at over $1,100. Anyone else get blindsided by their bank's calculations on a reset like this?
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blairtaylor9d ago
Ugh, classic bank move right there.
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the_avery9d ago
That's a brutal difference to have to absorb all at once. Banks seem to use the best case scenario for those estimates, not the real math you actually face. Really makes you question if those initial numbers are even a little bit helpful. Sorry you're dealing with that payment shock, it's a tough spot to be in.
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adams.spencer9d ago
Yeah, and @the_avery is right about the best case thing... makes you wonder if they even run the numbers for a bad year. Like what if property taxes jump or the insurance market goes nuts, you know?
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