Cash-Out Refinance Definition. A cash-out refinance is a transaction that replaces a first mortgage and provides cash to a borrower from the equity in his home. When a borrower refinances, any existing mortgages attached to his property are paid first. The remaining proceeds are typically used to pay closing costs and provide cash-in-hand.
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For Limited Cash Out Refinances, existing loan must be Fannie Mae owned: The lender must enter into DU and document that the existing loan being refinanced is owned (or securitized) by Fannie Mae. 75% Purchase, No Cash-out Refinance/Limited Cash-out Refinance (LCOR), and Cash-out refinance. fixed: 10, 15, 20, 25 and 30 year
Proof of the Freddie Mac loan number of the existing Mortgage is provided in the mortgage file super conforming mortgages that are Freddie Mac-owned "no cash-out" refinance Mortgages are not eligible for the higher ltv/tltv/ htltv ratios Mortgage in which the use of the loan amount is not limited to specific purposes.
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No Cash-Out Refinance: The refinancing of an existing mortgage for an amount equal to or less than the existing outstanding loan balance plus an additional loan settlement cost. It is done.
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No Requirement to Create a Cash-Out Refinance Category Where None Exists. There is no requirement that a financial institution set different terms for a cash-out refinancing versus a non cash-out refinancing; the requirement is simply to report the transaction as a cash-out refinancing if the bank treats these transactions differently under its own or investor guidelines.
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This free mortgage training video discusses refinance purpose, definition of Limited Cash-Out Refinance, Cash-Out Refinance and more. Ideal for loan processors and mortgage underwriters.
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