I have helped a particular member with several loans over the years at both the Renton and Seattle branches, and we recently had a discussion about her daughter’s mortgage woes. I suggested she have her daughter come in to see what we could do, which she did. Her daughter runs a daycare out of her home and needed to do some repairs and upgrades as well as pay off some bills.
She originally financed her mortgage before the economy crashed so her rate was still pretty high. She also had some credit challenges after her divorce and even though her mortgage loan was re-affirmed, it wasn’t reporting to her credit file and showing as positive credit history to improve her score. It took quite a bit of time to get her refinance processed due to removing her ex-husband from the title, paying some liens and another lender having to subordinate. After 4 long months, we finally got it done (thanks to help from Liliana) and we refinanced her mortgage at 5.375% APR and added $100k to give her the extra cash she needed. The best part is, thanks to her lower rate, even with the extra cash out her payment will only increase by $38.32 per month!