Looking for lender recommendations

[Jon A.]

We own a duplex with a DSCR of 1.5 (from what I understand) and about 60% equity. When the pandemic hit we took out an equity line and I pulled all the cash out and put into a savings account out of fear that they would cancel the equity line if we did not use it. Our DTI is obviously a problem at this point. I am assuming due to the HELOC and the fact that we are both self employed. I am looking for a lender that can help us refinance both loans into one fixed rate as the HELOC has a variable rate attached. Does anyone have any recommendations for a lender or any advice on how we can restructure these loans? For example, pay off the heloc maybe to reduce DTI? We need a lender that is able to have a converstaion about what we are trying to do and not just a website that we punch numbers into and wait on a phone call only to be rejected.

[Nick Belsky]

@Jon A.

If you put the cash from the HELOC into savings, why not use it to pay the HELOC balance off and get back to a zero balance?

If the balance is zero, then there is no hit to your DTI...

Pretty simple solution to save yourself the cost of another loan and just pay the thing off.  Close it if you need to.

Cheers!