Are there any options if current lender rejects re-finance application because LTV below 80%?
Hi, thanks for taking time to answer questions. Thought i would ask what are my options in this sitatuation. Got mortgage with my current lender 9 months back and same lender is offering a better rate now for the same loan type. Submitted refinance application, but appraisal came below 80% LTV. It was 10% higher 9 months with the same lender. Lender wants us to bring LTV to 80 to approve the refinance application. I can understand their situation. But, in this case, difference is only 4% and lender is holding the current loan as well. So, their risk is not going up and decrease my chances of defaulting as the monthly amount goes down. Unless there is a financial hardship, they said they could not negotiate. I did submit a formal letter to re-consider my re-finance application, but not seeing any response. Do i have any other option here if lender reje
Sorry about mixing it up. LTV is higher than 80%, not lower.