All Forum Posts by: Vanessa Franco

@Shaun Weekes

Thank you Shaun, you all make it sound so simple, I don’t understand why it wasn’t the case when we tried before.

Thanks again!

@Greg Scott

Thank you for all your help.

We have an appointment this Friday to meet with a different lender. Now that I have all your guys advice.. I’ll feel more prepared to talk to them about our situation.

@Jonathan R McLaughlin

We do have equity in the home.. enough for the roof and then some. So I don’t believe that was why my lender/Renew told us no.

Our current interest rates is 4.5%. Current mortgage is $315,000 with comps in our area at $500k. Roof lien is at $17k.

@Greg Scott

Sorry, would it not be a cash out refinance? That’s to refinance the first mortgage, plus use the cash-out to pay off the lien...

@Jonathan R McLaughlin

Thank you Jonathan.. My husband and I were confused as well and thought having a lender review everything for us would clear it up but it really didn’t.

We will review them ourselves again.. and possibly have another lender look at the documents too.

@Greg Scott

Hi Greg, we thought about that and tried this a few months ago, but was told the Renew Finanical does not allow this unless they can take first position on the home instead of the mortgage company.

And from what I was told by a lender, they will not allow Renew take first position. I guess this is in the event we fall back on payments and lose the house.. Renew would want first position to take it...

Hi all

A year or so ago we needed our roof replace and so we went through Renew Finanical.

We didn’t know at the time that this loan was actually a lien that would prevent us from being able to refinance our mortgage.

My question is, should we try to get a personal loan to pay off the lien now, so we can refinance now that the rates are so low? And try to get a cash out refi to pay the personal loan off at the same time?

Thank you for you any advice.

@Darren Smith thank you, that’s our plan. Just wanted an idea as to what expenses we can offset or include as expenses for tax purposes when it comes to rent by the room. Since 3bd of our 4 will be rented can we deduct much more?

@James Carlson yea I was worried it would hurt us too much.. or I just don’t want to be shocked as too how much we’d end up paying. But I just have to remind myself.. that any extra income is better then none. Thank you for your help!

@Jai Reddy okay that makes sense!

Thank you so much