I need to refi my home mortgage balance is 88 thousand

I believe we have a contributor actively doing mortgage loans in Utah who perhaps may not be able to respond until after the weekend. You certainly qualify based on loan to value. It sounds like you simply needed a qualified mortgage broker/banker in your area to qualify you and provide a good faith estimate. Rates are still very low and for a $20,000 cash out refinance loan. If your total loan amount were at approximately $111,000 your monthly principle and interest payment could easily be $836 month and you would have your cash to do the renovations you need!

Sounds like you are in good shape, I recommend finding a reputable mortgage loan originator and applying.

Not a problem.. so long as you meet all eligibility requirements, this can absolutely be done.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347