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Looking to make improvements on my house and need to pull out equity. LTV around 80%

by richard.r133 from Logsden, Oregon. Sep 15th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

Much more info required to answer your question..Also, your questions is not clear.. Are you NOW at 80% LTV, but want to take cash out, or will your LTV be 80% after the cash out? The easiest, and least expensive way to pull cash out of your home for improvements is a "Cash out" refi... but you are maxed out at 80% LTV.. If you are already at 80% LTV, then the cash out refi wont work.. There are 2 other options.. one is using Conventional's "HomeStyle" renovation loan, and the other is FHA's 203K rehabilitation loan.. out of the two, if you have high credit scores, your better off with Conventional.. less fees, less restrictions.. Try contacting 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 NMLS# 226347

Sep 15th 2016
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Ellen Wright (ellenwrightadams)
#49 ranked lender in Oregon - 25 contributions

Hi RichardI am a Lender for Oregon & Washington. Can you give me a call, I would have to clarify a few things in order to guide you down the right path.Ellen Adams541-521-7192

Sep 15th 2016
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