Loan amount
$595,000
Loan type
Refinance {Cash-Out}
As-Is Property Value
$1,100,000
LTV
54% {LTV}
Property type
Single Family
Borrower Details
Credit score
650
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
ALTO
State
New Mexico
Loan Details
Current mortgage balance
$420,000
How much cash-out are you looking for?
$175,000
Additional Loan Information
We have a single family residential primary residence. We have a very favorable 1st mortgage that we would like to keep. We have over $780,000 in equity above our mortgage of $420,000. We are seeking a $175,000 home equity loan for a second lien. This can be a relative short term or longer if the investor prefers. We are self employed and expect high six figure income in 2024. We have past 12 month bank statements of proven income of over $600,000. We applied for a cash out refinance with a company that has bungled our loan about as bad as possible. It is a long drawn out story but we have lost faith in them ever being able to fund our loan. A second mortgage is best for us anyway. We have no payments on our first except taxes and insurance plus we have a great interest rate on our current mortgage. A home equity loan for the amount that we are requesting in addition of our current loan will make the total LTV barely 50% of the total equity. Our home is in a very desirable place in New Mexico and homes such as ours is high demand with mainly cash buyers.
Status
Created
December 30, 2023 - 7:31am

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