My Credit Union Pushed Back on a $75K Cash Out Refi Last Week

I applied for a cash out refi with my credit union in Denver last week, trying to pull $75K out of my house to pay off a bad truck loan and some credit card debt. The loan officer ran my numbers and told me my debt to income ratio was too high for the amount I wanted, so they countered with $40K. I pushed back and asked why the same house appraised at $415K just two years ago, and she said the market shifted and they now value it at $390K. I get it, risk and all that, but it stung. Has anyone here had luck getting a credit union to bump up their cash out amount after the first offer, or did you just go find another lender?

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casey39316d ago

$390K in Denver is still solid, shop another lender.

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