How much $ out with no-income-verify loan? - LONG - Posted by marla (SC CA)
Posted by marla (SC CA) on November 21, 1998 at 15:41:08:
Let me start by expressing my appreciation for this website and all the information shared by so many knowledgeable investors … Thank you very much!
I want to put some of the equity I have in my primary residence (condo) into REI. I have no CC debt and my low-maint car is paid for. I have a sizeable 101(k) account and additional property out of state. I’ve recently separated from my employer of several years, taking enough in bonus & severence to cover my living expenses for a year.
The condo has appraised for $290K. I owe $189. The first broker I talked to found a lender that will refinance without an income verification, letting me take out $27K cash.
Is 75% LTV the best I can expect to find for a no-income-verify refi loan or should I shop around some? If the latter, tips are welcomed!
Side note …
When the broker’s assistant called me to let me know I wouldn’t be getting the $35K I’d applied for, I paused and thought out loud, a bit, about how I might need the additional $8K for an investment I was considering. After the assistant assured me that all lenders would cap the loan at 75% LTV, we ended our conversation.
About 10 minutes later, the assistant called back to let me know that if I needed the additional funds, her boss said he’d lend me the money. (private funds) Because part of my goal in refinancing was to start a relationship with a broker I could go to down the road for investor loans, my reaction to the offer has been “This is a good start and possibly makes up for getting less cash out on the refinance.” Am I being naive about this?
TIA for your advise/comments.