💥 MCF TO THE RESCUE 💥
Location: Annapolis, Maryland
Occupancy: Primary Residence
Loan Purpose: Cash-Out Refinance
Loan Amount: $342,000.00
$ Monthly Savings: $500.00
$Annual Savings: $6,000.00
🛑 The Problem:
- A self-employed Realtor® wanted to acquire an out-of-state investment property and needed cash for the down payment. With enough equity in their primary residence, they focused their attention on a cash-out refinance.
- Unfortunately, the combination of being a self-employed borrower and the constrictive conventional underwriting guidelines proved impossible for the homeowner and led to denials from several large banks and lenders.
🙌 The Solution:
- The MCF Mortgage Portfolio Program, on the other hand, was designed specifically for the self-employed. Once we became involved, we constructed the refinance and the purchase with 30-year fixed-rate mortgages.
- Since the equity in the principal residence provided the down payment for the investment property, the new loan not only allowed our client to be able to purchase the investment property but also saved the homeowner $500 per month.
As always, remember to Mortgage IntelligentlyTM
