Does anyone have any experience with LoanDepot?
I was recently inquiring about a cash out refi online and was contacted by Loan Depot. I've never borrowed using my 3-unit rental as collateral and want to hear from the community if their experience with Loan Depot was good or bad. If you have heard of or did business with them would you please share your thoughts and help this newbie through the refi process?
Outline of loan details:
70% LTV based on 125k appraisal $87,500. To get to a 42% income to debt they would have to use $10k to pay my student loans off and roughly $5k for credit cards. There's $3100 closing cost and $425 appraisal fee. After all is said and done I would leave closing with $65,257. My repayment is 30 year fixed at 5.375%. P&I $489 + 466 escrow for a total of $955/month.
I would be using the funds to finish rehabbing said property, keep an emergency fund for rental and using the remainder to buy another multifamily in which I intend to house hack. Thank you BP community for any and all input!
