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Updated almost 4 years ago,
Cross Collateral Loan Sniff Test
Situation: wanting to sell my primary house valued at $600,000 ($290k balance) for this $750,000 house that meets our specifications perfectly. The market is hot here in my area (Greater Seattle) and contingent offer I don't believe will get it.
My broker proposed a cross collateral loan and provided the following handwritten quick estimate (attached). Do these numbers pass your sniff test? Seems to good to be true.
