Long story short. I have about $10k in the bank and $80k in Home Equity. I have over a million dollars in Crypto. It's spread out between Binance, CoinBase Pro, a few cold wallets, and a Ledger Nano. And I'm still on furlough from my job and might not get the job back at all.
I plan on selling my house and moving to a Lakefront property in another state before year end.
So my question is how do I do get pre-approved or get a mortgage with the bank? I definitely don't plan on liquidating half of my Crypto holdings to pay cash. Do any banksb accept Cyrpto holdings as collateral/Assets?
What the heck am I supposed to do if they see I have no job and no cash? They aren't going to give a $400-500k house loan to someone worth close to $2 million???
You can use your crypto as collateral for loan on a defi service such as aave No time limit to how long but you would likely average 6-7% interest. The upside is you would be able to hold all your crypto and keep any gains made in the time when the loan is active Also no tax from cashing out
Luke Miller
Not these horrible fake money designs again
Jayden Young
>I definitely don't plan on liquidating half of my Crypto holdings to pay cash. why not? are you afraid to subject your hoard to the ultimate test i.e. actually turning it into useable money that you can use?
Jason Mitchell
Why do you need a home loan if you can just buy it with the crypto?
Michael Lewis
your only option is to cash out and good luck with that. nobody is going to give you a mortgage based on imaginary internet money and no job
man, literally go fuck yourself with your own dick, faggot. this is such a stupid outlook on crypto. so unimaginative, almost like reddit trash
Kayden Parker
This is why Defi will win
Eli Watson
Deposit in AAVE take out a loan using it as collateral pay it as a regular loan ez
Joseph Gonzalez
Because I don't want to sell something that I feel will at least double in value over the next year for something that loses value every year.
See above. I don't want to sell my Crypto holdings.
Lincoln Stewart
Opening up a business/custodial account with a regulated exchanges and get printed statements that have a USD balance. Make sure the custodian has SOC reports and have been audited. This may make your holdings look better to the lender
Chase Ramirez
degenerate gambling mindset. Digits in an app are not the end game, just the pathway. You have a good stack of funds you could use to purchase a nice house and live comfy, but instead you want to keep gambling. Quit while you're ahead.
Asher Martin
You can also ask the crypto custodian to send you an audit confirmation that you have a certain USD balance in crypto. Don’t send any blockchain explorer screen caps to the lender. You want to show them proof of holdings in the most boomer way as possible
Landon Gomez
do fraud.
Eli Gutierrez
But I would have to trust ALL my holdings to an exchange... ugh.
Why the fuck should I pay taxes if nobody recognizes my Crypto as valuable.
Owen Roberts
I can tell you’re going to lose your money soon. Don’t be dumb and have a larger cash position. Like user said above. It’s just digits until you cash out
Landon Harris
I understand where you all are coming from, but I know what I have. I'm creating generational wealth. My crypto holdings are more comfy to me than any Blue Chip stock.
Gavin Sullivan
But you can buy it back afterwards user >something that loses value every year. a house? lmao
Aaron Allen
>crypto flash crashes >your entire life savings are gone nothing personnel defi kids
Juan Murphy
>Do banks accept casino chips as collateral? If course not. You could get hacked. You could lie and said you got hacked. You could lose your keys. You internet Chucky Cheese tolkens could lose all of their value. Etc.
If you do get approved, please let me know which bank so that I can short it. Since their management is clearly retarded.
Isaiah Nelson
This. Lol at the defi unicorns in this thread. Just another 2008 waiting to happen in the crypto space
Joshua Butler
Wait, you could literally sell into USD, use the money in your bank account in USD to secure the mortgage, immediately rebuy into whatever asset you loaned from AAVE and then pay your mortgage by whatever means you have. Furnish your entire home using BTC-to-giftcard and you're solid, right?
Paying that capital gains tax when cashing out would be the bugaboo though, wouldn't it?
Kayden Smith
Open a CDP with Maker fucktard
Leo Sanchez
>But you can buy it back afterwards user
I feel like the golden bull run is going to happen SOON. I don't want to be sitting on the sidelines...
>a house? lmao
No, the US dollar.
"Luxury Location" homes will go up twice as fast in value compared to the average home over the next 10 years.
Jason Hughes
Okay, this is a valid point, but that's precisely why no bank will authorize a collateralized loan backed by crypto either. So OP literally has no choice but to use a permissionless platform if he wants to do this
Ryan Lopez
why r u taking out a loan when you can just use your crypto? fucking kike
Colton Fisher
>I feel like the golden bull run is going to happen SOON Bro it already happened like 3 years ago
Gabriel Rivera
Like I said, just go to a custodian like bitgo or anchorage and draw a line of credit from them and deposit your crypto as collateral. Eliminates smart contract risk. Deposit and request loan for only the amount you need in usd
Assuming he deposits 2 mill (BTC for example) and takes out a 400k loan price would have to go very low, about 22% of what it is currently so around 2k. Not impossible, and with that much money any possibility is a risk.
Aiden Kelly
Is this how a poor person brain works? Sometimes you can beat the kikes at their own game retard.
Which is how I got here. You actually think that was it and Crypto is dead? You think their isn't a bigger/better run coming?
Man, I haven't been on top of all this new Defi stuff and putting half a million up in a smart contract on some new Defi platform will have me shitting my pants nonstop.
Michael Price
>You actually think that was it and Crypto is dead? Not by any means, but the last moon was based on normie society turning Bitcoin into a meme. Its novelty has passed, from here on out any major swings are just going to be whales playing with the market.
