In a cash refinance, a new mortgage is taken on for more than your previous mortgage balance and the difference is paid to you in cash.
You typically pay a higher interest rate or higher points on a cash-refinanced mortgage compared to a refinancing rate and term that keeps the mortgage amount unchanged.
The lender will determine how much cash you can get with a cash refinance based on standards such as your property’s loan to value (LTV) ratio and your credit profile.
A simplified USDA refinancing option provides current USDA loan borrowers with low or no capital the opportunity to refinance at more affordable payment terms.
Yield Spread Premium (YSP) is an additional compensation paid to a mortgage broker as compensation for providing a borrower with a higher interest rate loan.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
A 5/6 Adjustable Rate Hybrid Mortgage (ARM 5/6 Hybrid) is a fixed rate mortgage for the first five years and then adjusted every six months thereafter.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.