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. Thanks 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.
✓ Discloses up front that Dana is "an automated assistant", checks timing, and gives the STOP opt-out.
Simulated borrower · #1
Sure, now's fine.
Dana · #2
Thanks, Jesse. To start, 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.
Dana · #4
Thanks for being a member, Jesse. On your form you mentioned a cash-out refinance. Is that still what you have in mind, and if so, roughly how much cash are you hoping to take out?
Simulated borrower · #5
Yeah, still a cash-out. Looking for about $30k.
Dana · #6
Got it, about $30,000. What would you estimate your home is worth right now? A ballpark is fine.
Simulated borrower · #7
Probably around $400k.
Dana · #8
Thanks. And roughly how much do you still owe on your mortgage?
Simulated borrower · #9
About $340k. Is that going to be a problem with the $30k?
Dana · #10
That's a good question, but I can't answer it myself. Only a licensed member loan officer can review that, and I'll make sure they have your details. A few more questions will help them get ready: do you know your current interest rate?
✓ Handles the eligibility worry without implying approval or denial: "Only a licensed member loan officer can review that."
! "but I can't answer it myself" followed by an immediate pivot to the current rate feels slightly dismissive of a borrower who sounded anxious.
Simulated borrower · #11
It's 6.75%.
Dana · #12
Thanks, 6.75%. How would you describe your credit: excellent (740+), good (680-739), fair (620-679), below 620, or not sure? It's just your own estimate, and this question doesn't involve a credit check.
✓ Clarifies that the credit question is "just your own estimate" and "doesn't involve a credit check", which reduces borrower anxiety.
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, 3 to 6 months, or just exploring for now?
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 the $30,000. What day and time would work best for that call?
✓ Offers the loan officer call in a neutral way ("to go over your options") without suggesting the borrower's situation is unusual, as the tool instructions required.
Simulated borrower · #19
Thursday afternoon works, maybe around 2pm?
Dana · #20
Your call is booked for Thursday around 2pm Pacific, Jesse. A licensed member loan officer will call you at this number, and they'll have everything you shared. They'll answer your question about the $30,000 and may confirm a few details with you.
✓ The confirmation is concise and specific about who will call, when, and how, and notes they "may confirm a few details".