Our client, a registered respiratory therapist (RRT), came to us for help to refinance the hard money loan on his Miami property. His interest rate had ballooned to 15%.
The challenge with his file was his inability to show 2 consecutive years of income, due to a break in employment while he went back to school to get his RRT credential.
We therefore placed him in a conventional loan program that required only 1 year of tax returns.
Using his 2020 tax return only, we were able to refinance him to a much lower rate of 2.625%, fixed for 30 years.
Not only did we greatly reduce his interest rate, but he also received approximately $70,000 cash back at the closing table, even after paying off the hard money lender and 2 credit cards.
Interested in a rate-and-term or cash-out refinance? Contact us today to discuss your scenario.