Brian’s Experience with Steven (Reno) Saenger Navigating a Cash-Out Refinance Loan and Purchasing a New Home.
Purchasing a home is a big deal, whether it’s your first home or fifth move. That’s why RP-Mortgage places you and your needs at the center of everything. As an experienced leader in his field, nothing gives Steve (Reno) more satisfaction than his clients becoming happy homeowners at the end of the loan process. Every day, he brings his passion, professionalism, dedication, and desire to help others. This is the reason he has enjoyed more than 17 successful years in the mortgage industry. Helping his clients, like Brian, and their families achieve their dreams of homeownership.
This month’s focus will be to give you an inside look at Brian’s experience working with Steve (Reno) and his journey through obtaining his new home. Brian lives in the Stapleton neighborhood and was in search of a single-family home in that same area, while still being able to keep his old house. The Stapleton neighborhood is known for having its own unique style with homes close to shops or an urban estate overlooking grassy expanses.
In the beginning, did you shop for lenders?
We really didn’t. We already knew Steve (Reno). We live in the same neighborhood, our kids go to school and play lacrosse together, so it was more or less me talking to him about the ideas we had and what we wanted to do. Things progressed from there.
Why did you decide to go with Steve (Reno) overall? Was it because you knew him?
No, I think it was because we just hit it off well and he understood what we wanted to do and how we can get it done. He was very knowledgeable about different options available to us and always up to date on the current market conditions. We felt comfortable talking with him.
How long have you known him?
An acquaintance for a number of years, closer friends since our boys have played lacrosse together the last 2-3 years.
Did you use one of his recommended Realtors?
We did. In fact, we are also friends with our Realtor. They have done a number of deals together and work very well as a team. The process could not have gone any smoother.
What type of loan program did you use?
We first did a cash-out refinance on our old home, which we are now renting and then used the proceeds as a down payment to purchase our new home. Steve (Reno) found a traditional 30-year loan for the new house and the home we retained to rent, so we had two separate transactions with Steve (Reno) over a 4-6-month period. He was a tremendous help in getting us through the entire process!
Were there any unique complexities through your loan process that Steve (Reno) helped you work through? The cash-out refinance definitely sounds like one.
Yes, for sure. We weren’t sure if we could really make this happen, and it was pretty daunting to think about keeping our old house and taking on a second mortgage. There were some complexities with both the cash-out refinance and the mortgage to purchase the new home that Steve (Reno) handled very well. Frankly, he knows his stuff, so we felt very comfortable that we were getting all the information we needed to make the best decision. He ran the process for both transactions and made it very easy.
Would you recommend Steve (Reno)?
Based on your experience with Steve (Reno) and RP-Mortgage, what are some tips for future buyers?
Get your ducks lined early. Talk to someone like Steve (Reno) and your real estate agent early in the process. We started having these discussions early on, which helped us get more comfortable with what we hoped to accomplish. By doing that, Steve (Reno) was able to understand what we wanted to do and formulate a strategy for how to best get it done.
When you plan on upgrading/downgrading/buying a new home, do you plan on using Steve (Reno) again?
Yes, of course.
How do you feel about the Denver real estate market today?
It’s a pretty crazy market. That’s part of the reason why we did a cash-out refinance. We weren’t totally sure at the start if we wanted to sell our old house or rent it, either way, we wanted to have the money in hand to enable us to move quickly when we found the right house. Particularly in our area of Denver, homes seem to get offers pretty quick, so we wanted the option to move fast without having to sell our previous home or have any contingencies attached to our offer.
Anything else that you think could help improve RP-Mortgage or Steve (Reno) in general?
No. Steve (Reno) was great! He is very professional, hands-on and really ran the process for us. He made it very simple for us to get over the finish line on what seemed like a really big financial decision for us. He did a great job!
Brian and his family are now enjoying their new home while taking advantage of renting their old home through a cash-out refinancing loan. A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and the borrower gets the difference between the two loans in cash. It’s useful for turning the equity they’ve built up in their old home into cash—or in Brian’s case being able to keep their old home and rent it out for additional income, while using the cash as a down payment to purchase a new home.