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Refinance out of Adjustable 1st and 2nd TD to Fixed Rate - Cash Out
Scenario
Self Employed Borrower with W2 income. Borrower had a 5/1 Arm Loan on the 1st and a HELOC/2nd TD. Rates on both Loans had risen in 2023 and the current 1st TD Loan was adjusting soon. The borrower wanted to restructure the into 1 Mortgage, ideally to a Fixed Rate and also to consolidate strategic consumer debt and allow a little cash out.
Dan Cassel and the Trinity Mortgage Broker Loan Team reviewed the available Tax Return Documentation and did a 24 Month Bank Statement Analysis. This Borrower also had W2 income. Tax Returns were analyzed but did not work, due to Business Expense write-offs. Bank statements would work, however they also had w2 income.
Solution
After our Analysis and thru Borrower feedback, we structured a New Long Term 30-year Fixed Rate "Cash Out" 1st TD Mortgage Loan.
The Borrower used that New 30-year Fixed Rate 1st TD to pay off the existing 1st and HELOC. Some Cash Out was also taken for Financial Planning needs.
We understood the documentation, the Lenders, and the Self-Employed Borrower needs. This resulted in Savings and Stabilizing the Family's Finances.
This took less than 45 days!
Loan Details
- Location: San Francisco, CA
- Program: Qualified with Bank Statements - W2 Salary - Lite Doc
- Loan Amount: $1,2 Million
- Transaction Type: Cash-out Refinance
- Property Type: SFR
- Credit Score: 723
- Loan Term: 30 Yr. Fixed P and I
Have a scenario?
Call Dan Cassel and the Trinity Mortgage Broker team at (866) 310-1112 or Click Here to request a Appointment to learn more.
