For Property Refinances: There has to be a "Net Tangible Benefit"

Meaning something that is beneficial for you the borrower.

A Net Tangible Benefit can be any of the following:

A lower rate than the current rate, 'savings on interest' expense.
Changing terms to pay off your loan faster, for example: going from a current 30YR Term to a 15YR or a 10YR term with a lower rate.

Other reason for a refinance can be because of a:

Divorce, or Splitting of Assets and or Liabilities.
Disagreement between real estate partners, that borrowers wants to change the owners of the liability.
Or may need to change liability and remove some owners from title based on an agreement between the partners.

Home Improvements or Other Cash Emergencies:
Refinance Cash-Outs for Debt Restructuring, when a client may have other liabilities with higher interest and it maybe a good option to consolidate all liabilities for a lower payment.
Refinance Cash-Outs needed for Home Improvement, payoff of IRS debt, payoff of other debts, such as auto loans and credit cards, or a separate business investment, a medical emergency, or to pay for education for a son or daughter, or whatever other reason.

Another Option is adding a 2nd loan as a Separate 2nd or as a HELOC:
Note that sometimes instead of a Cash-Out and refinancing the 1st loan, sometimes is best to leave the 1st loan intact and do instead do a 2nd loan,
like a 'HELOC 'Home Equity Line of Credit', that way you can keep the low rate of the 1st loan, and just a get a 2nd loan to pay off or consolidate debts or get access to cash from your home equity.
It really depends on the situation and the rate at the time, but sometimes is more beneficial to just get a 2nd loan, specially if the cash amount needed is not that much for example 30-100K.

HELOCs have been in demand lately '2023/2024' because borrowers do not want to loose the lower rate they have on their first mortgage.
We also offer HELOCs for clients that need it on situations that it maybe beneficial for them.
Although lenders that offer HELOCs have not been that competitive, so HELOCs is not what i would say consider our forte but we have access to them if needed.
Even so, clients still asks for them, because they have been in demand lately.

Currently '2024' most files seem to be Purchase Related, but if you do need a Refinance, we offer that too.

IEMTG
Phone: 206-334-2238

Consultation is free of charge. We only get paid when your file closes successfully.