Pacific Bay Financial has been in business for over 24 years. We have acquired a reputation as one of the best mortgage companies in the Bay Area through our constant effort to offer the highest quality service to our clients. In this challenging lending environment, banks and borrowers find it difficult to find the right answers.
At Pacific Bay Financial, we are focusing on filling in that gap. We analyze clients' needs, help them utilize their potential and find financial sources to give loans that can be managed and repaired.
A couple was going through a divorce where a husband wanted to keep the house. They agreed that the value of their home was $800,000. The current mortgage had a balance of $350,000.
To enable him to keep the property, he had to give his ex-wife his share of the difference or $225,000. As a result, his new loan was $575,000 or 72% LTV. For most of the lenders, this transaction is called a “cash-out refinancing”. This triggers an increase in the rate and limits the LTV to 60%.