mortgage solutions

Mortgage Solutions For You

Published by pacbay on Tue, 07/29/2014 - 15:22 in

Short Sale Special! Read more!

Mortgage Solutions for You: Divorce Settlement Special

Published by pacbay on Thu, 03/13/2014 - 16:56 in

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%.

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