Questions about my lender

[Sean Rhodes]

Hi everybody!! So I am currently in the process of refinancing my house. When I purchased the property originally the lender I used stretched my numbers to the max. ( meaning I got approved for the most amount of money that I could possibly get). So now I am in the same situation only my numbers have gotten a little tighter. Also I did an addition to the property so I have to get an appraisal done. And my refi is dependent on the results of the appraisal. So my question is basically do lenders get paid only when the loan goes through? Obviously I’m concerned that if the appraisal doesn’t come back as high as I projected will I be stuck with a bunch of fees from the lender?

Thanks for the advice

[Shaun Weekes]

Originally posted by @Sean Rhodes:

@Shaun Weekes the amount owed is like 280k

If your comps are looking good, then you should be able to cash out if your income can support the DTI ratios needed to get this approved. The appraisal will tell the tale and I would put together a list of items upgraded and provide all permits to the appraiser so that they have the all the info they need to get this all done.