Quote:
Originally Posted by Gerbs
Would you have an issue refinancing for the following?
Purchase a home for $900,000
$180,000 down payment
$780,000 left on mortgage after five years.
Assessed value / Independent Asseses value is $690k? Household Income has stayed flat at $145k
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I'm sure the banks have gob tons of rules to determine mortgage renewal eligibility. In this case, they'd probably ask the homeowner to cough up a whole bunch of money so that the lent out amount does not exceed their internal maximum percentage (while taking homeowner income into account).
It's all standard banking practice, and there is nothing personal about it.