“Yes, We Can Do Your Mortgage!?

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Yes, We Can Do Your Mortgage!?

Hi Joe, Steve XXXXXXXX recommended me to you saying you are the best in CT, haha. Before I go through the process of applying and providing documents for everything, may I ask a question, as I do not want to waste your time as I assume my question will be a "no, you can’t do that" as I seem to keep finding out... But here goes...

I got a quote from Steve to build a garage of my dreams for my business for 150k.. I bought my house back in 2013 for roughly 160k... and I owe approx. 126k left, my house is worth 208k as of this year...... so there is not much equity I can pull from the house... maybe 30-40k?? if that.....so I know I cannot use equity to build what I need.

My question is this... is there ANYWAY SOMEHOW SOMEWAY.... that I can refinance my current home... for another 30 years... AND borrow an additional 150k to build this... so I can have one payment per month for the next 30 years of my life? So roughly I would be asking to borrow what 126k +150k=276k loan? I hear NO from everyone, but I never understand why, the property I live on is commercial.. the property will be worth a lot more than 276k after garage is built... so even if i forfeit or fail, whomever has the note can make a lot of money selling the property more than they had invested... Either way I really appreciate your time for reading this, and Steve says if anyone can do it... you can haha

I wish all loans were as easy as this one is going to be, but very doable. Fortunately, as mortgage brokers we have access to lenders that handle every imaginable type of mortgage situation.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (3)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. As an “experienced” mortgage broker with multiple funding sources you are able to accommodate. Congrats on your ability to fulfill the request. Enjoy your day.

May 03, 2021 03:30 AM
Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Joe,

Well written post. So critical hiring a GOOD Lender, and no they are not all the same. Great post and make it the best Monday.  Bill Salvatore

May 03, 2021 06:06 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am sure you made him very happy since he was getting used to hearing no and you are able to say yes!

May 03, 2021 06:33 AM