Financing in 22030>Question Details

Dan Gray, Home Owner in Fairfax, VA

Cash out Refinance 308K balance house worth $600K. take out $135K to renovate the house, which puts the LTV above around 74%.

Asked by Dan Gray, Fairfax, VA Fri Feb 8, 2013

Are there any vehicles that allow that, or am I stuck only being able to borrow $417K.

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5
You are not stuck at $417,000. We have very competitive Portfolio Jumbo and Portfolio Jumbo Renovation Loans that you may have interest in. Please call or email below.

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
0 votes Thank Flag Link Tue Aug 20, 2013
What i would don in your shoes considering the money you need and what you owe, is do a cashout to 417k and a second for the remainder. feel free to email me at tony.garcia@primelending.com or call at 571-246-4373 to discuss in more detail.

Thanks
0 votes Thank Flag Link Sat Aug 17, 2013
I should say the rates are just general and not specfic to this scenario and not a judgement on ability to obtain the loan. This was hypothetical.

Thanks,
Brent
0 votes Thank Flag Link Fri Feb 8, 2013
The biggest thing you didn't mention is your credit score. That drives the bus on your scenario. That being said yes you can do it just as you wish. But I wouldn't do it that way. Here's why.
The rate on a conforming jumbo cash out is 4.375% for a 30 year fixed. It's expensive to do it that way. Here are the numbers.

If you have a loan of 443k at 4.375% your P&I will be $2212 a month.
If you have a loan of 417k at #.625% your P&I will be $1902 a month.
Savings of $310 a month. So yes if your credit score is high enough you can do what you want. I have some different ideas on how to have your cake and eat it also. If you're interested please give me a call.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Fri Feb 8, 2013
My credit score is 794, and my wife's is 792. My understanding is that I could get a loan above 417K, but I'd have to pay an additional 1.75% one time charge. BTW, I'm looking for a 15 year mortgage.
Flag Fri Feb 8, 2013
You can either do a jumbo cash out or a 417k with a HELOC 2nd.
Web Reference: http://Usloans.com
0 votes Thank Flag Link Fri Feb 8, 2013
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