Recently Closed - Cash Out Refinance in Wilmington, DE
Over the past few months I've been working with a few clients on their retirement planning, namely how home ownership and mortgage financing fits into the picture, after they inquired about a potential refinance. A few years ago, I helped them refinance their Delaware home with a low rate 15 year mortgage, and the plan at that time was to pay the loan off as fast as possible and sail into retirement nearly mortgage-free.
As it does, life had other plans for these wonderful people, and they now had the need for some renovation money, but were trying to find a way to get it without a) dipping into retirement funds or b) increasing their monthly debts. How does one get a bunch of money without it impacting their monthly debt? Enter the 30 year fixed loan. While a 15 year loan saves on overall loan interest, a 30 year loan is a more cashflow-friendly product, and with plans to sell within a few years, it was the right choice to help them get the money they needed for upgrades and renovations, without putting a dent in their budget (even with cash in hand, their monthly debt load is now lower!)
For this transaction, I had the good fortune of working with Brian Funk, a Wilmington, DE real estate attorney, and his team of paralegals. Kara Packard at Brian's office is one of the best in the business and I've known her through working together since I entered the industry in 2006, and with Kara on a well deserved vacation, another paralegal, Robyn Kane stepped in and provided the same great service I've seen from Funk's office throughout the years. If you ever need real estate attorney services in Delaware, I would highly, highly recommend this team.
All in all, the entire loan process for this Wilmington, DE cash out refinance took about 3 weeks (including a holiday weekend), and was a very low documentation loan. Since we're an agency-direct lender the paperwork required from the borrowers was extremely minimal. For this reason, our clients were thrilled and are excited to get started on their home projects. Here's what they had to say:
Fantastic personable service and communication. This is our second time with John and we would not hesitate to come back. |
If you need mortgage services in Delaware, we'd love the opportunity to help. With fast closings, an expert team, tons of loan products, and very competitive rates and costs, we're a great mortgage option in the first state! Whether it's a refinance like the one above, or a new home purchase, you'll receive the same great products, and the same great service.
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