refinacing a house i own free and clear in Michigan
need a cash out refinance. my debt to income is about 40% by missericaa99810 from Osseo, Michigan. Jun 18th 2015
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
Is your debt-to-income ratio 40% before or after considering the new loan? Also, what is your mid-FICO score, the value of the home and what is the loan-to-value that you are seeking. All of the aforementioned will impact your ability to refinance a home for the purpose of extracting your equity for cash. Good luck!
Jack Cyrul (Jack Cyrul)
#4 ranked lender in Michigan - 94 contributions
For a free pre-qualification call Jack at 734-395-9027
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info would be needed.. but in general, if you have a home paid for, and wish to pull cash out, then if you keep your loan to value at 60% or lower, you will get the best loan pricing.. as far as your DTI, if that's the number without adding the new housing payment, then it's possible your ratios might be too high.. you might have to pay off debt to qualify.. but realistically, so much info is missing, that it's impossible for anyone here to advise you.. Therefore, the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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