Trish recently completed her master's degree in economics and plans to start her new job in New York City. As a first-time homebuyer, her parents have emphasized the competitive nature of the New York real estate market and the advantages of an all-cash offer. As a recent graduate, Trish does not have the necessary liquidity to pay for the purchase in cash and was planning to take out a loan upfront.
Trish’s family banker, with support from her parents, recommended that Trish use her parents' line of credit with the Private Bank to purchase the property upfront and then take out the loan after the initial purchase via a technical refinance. Due to Trish's competitive all-cash offer, her offer was accepted, and she was soon in contract on her first home.
Trish’s J.P. Morgan team walked her through the process of completing a technical refinance, which allowed her to pull equity out of the home with a mortgage after the purchase and pay off her family’s line of credit that was used for the initial acquisition.
Before Trish closed on the home with her parents' line of credit, she also completed the underwriting process and was given conditional approval for the loan, which gave her peace of mind that she had already been approved for the mortgage.
Through strategic planning with her J.P. Morgan team, Trish was able to present a strong offer, which allowed her to secure a new home in a competitive real estate market.
All case studies are shown for illustrative purposes only and are hypothetical. Any name referenced is fictional and may not be representative of other individual experiences. Information is not a guarantee of future results.
