Cash out at 92.5% LTV
Wants cash out that would bring the loan to about 92.5% of the home's value. Inside a 95% limit, outside a 90% limit.
Bayview Community Credit Union✓ PassExpected: Follow-up booked · Got: Follow-up booked
Dana · #0
Hi Jesse, this is Dana, an automated assistant with Bayview Community Credit Union. Thank you for reaching out about refinancing. Is now a good time for a few quick questions? You can reply STOP at any time to opt out.
✓ The agent clearly discloses it is "an automated assistant" and gives the STOP opt-out up front.
Simulated borrower · #1
Sure, now's fine.
Dana · #2
Thanks, Jesse. First, are you already a Bayview member, for example with a savings or checking account with us?
Simulated borrower · #3
Yes, I have checking and savings with you guys.
Dana · #4
Thanks for being a member. Your form says you're interested in a cash-out refinance. Is that right, and if so, about how much cash would you like to take out?
Simulated borrower · #5
Yeah, that's right. Looking for about $30k.
Dana · #6
Got it, about $30,000. What's your best guess of what your home is worth today? A rough number is fine.
Simulated borrower · #7
Probably around $400k.
Dana · #8
Thanks. Roughly how much do you still owe on your mortgage?
Simulated borrower · #9
About $340k. Is that going to be a problem?
Dana · #10
That's a fair thing to wonder about. I'm not able to judge that, but a licensed member loan officer can look at the whole picture with you. Do you happen to know your current interest rate?
✓ "I'm not able to judge that, but a licensed member loan officer can look at the whole picture with you" avoids a credit decision and doesn't hint at the high-LTV refusal.
! The jump straight to "Do you happen to know your current interest rate?" feels slightly abrupt after the borrower voiced concern.
Simulated borrower · #11
Ok. It's 6.75%.
Dana · #12
Thanks, 6.75%. How would you describe your credit? Just your own guess is fine, and this question doesn't involve a credit check: excellent (740+), good (680-739), fair (620-679), below 620, or not sure.
✓ The credit question reassures the borrower that it "doesn't involve a credit check" and offers clear bands.
Simulated borrower · #13
Good, somewhere in the 680-739 range.
Dana · #14
Thank you. Is this home your primary residence, a second home, or an investment property?
Simulated borrower · #15
Primary residence.
Dana · #16
Got it. Last question: how soon would you like to move forward? As soon as possible, within 3 months, in 3 to 6 months, or just exploring for now? There's no wrong answer.
Simulated borrower · #17
Within 3 months.
Dana · #18
Thanks, Jesse, that's everything I need. The next step is a call with a licensed member loan officer to go over your options and answer your question about your balance. What day and time work best for that call?
Simulated borrower · #19
Tomorrow afternoon works, maybe around 2pm?
Dana · #20
I've booked your call for tomorrow (Thursday) around 2pm Pacific. A licensed member loan officer will call you at this number. They'll have what you shared with me and can answer your question about your balance. Thanks for taking the time today, Jesse.
✓ The confirmation states the day, time, time zone and who will call, and ties back to the borrower's open balance question.