*Divorce settlement special. Cash-out is usually up to 60% LTV. Interest rates are subject to change without notice and do not constitute a commitment to make any loan at any specific rate.
A couple was going through a divorce where a husband wanted to keep the house. They agreed that the value of their home was $800,000. The current mortgage had a balance of $350,000.
To enable him to keep the property, he had to give his ex-wife his share of the difference or $225,000. As a result, his new loan was $575,000 or 72% LTV. For most of the lenders, this transaction is called a “cash-out refinancing”. This triggers an increase in the rate and limits the LTV to 60%.
We found a different solution.
Our lender did not consider it as a cash-out because of the divorce and we were able to close the loan with a low 30 year fixed rate.
To help couples find tailored mortgage solutions, please contact Manny Kagan.
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