Cash refinance questions
I talked with my lender to inquire about a cash out refinance. They asked what it was for and I told them it was for debt consolidation. He ran our credit and came back and told me that I was approved and asked which debt I wanted to pay off? I asked if I had to decide on the spot because in reality I wanted to use the cash for a down payment to build a new home right before the new one was completed. What do I tell them? by pspoole840 from Downsville, Louisiana. Jan 25th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Unless you "need" to have the lender pay down debt to qualify, there is no need to tell them exactly what debt you plan on paying off, and they can just give you a check for you to do what you want with. Next, you are not supposed to lie on your application. If you tell them you are using it for down payment on another house, some lenders will go on a deep dive into trying to over condition your file, and be all freaked out over your debt ratio. The next one won't say anything. Good luck.
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