Refinance for son's college education
Hi, I spoke with my lender to ask for a cash out refinance. They asked me what it was for and I told them that it was to pay off debts. After checking on our current loan, the lender called me and said that I was approved and asked which debt I wanted to pay off. I really wanted to use the money to fund my eldest son’s college education, why do they have to ask me what the money's for? by marioph23 from Greenwich, Connecticut. Feb 7th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Yes, and no. If you don't 'need' to pay down debt to qualify, they can just give you the check at closing to do whatever you wish. Some will ask - maybe demand you tell them what you are using it for. Just call another lender. On the other hand, maybe your debt ratio is too high, and they need to pay off debt to get you to qualify. In that case, yes, they need to know, as they will actually pay those items at closing, and hand you a check for whatever is left. Good luck.. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
