A refinance option, where additional funds are paid to the borrower, in addition to the existing equity loan being paid off. The additional funds can be used for different purposes (debt consolidation, home improvements, large purchases, etc.).
A refinance in which a borrower takes cash/equity out of their property.
a loan in which the amount borrowed exceeds the total amount needed to repay the original loan and loan expenses, in essence putting cash into the borrower's pocket
A mortgage loan that pays off the existing balance and also allows cash proceeds to the borrower after the payment of closing costs.
The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan.
A refinance mortgage that is for an amount higher than the balance of the original loan. The balance is taken in cash, which the borrower often uses for home improvement, college, or investments.
When the principal amount of a mortgage involved in refinancing is greater than the outstanding amount owed on the mortgage being refinanced, and all or a portion of the excess amount is taken in cash.
When the principal amount of a new mortgage involved in refinancing is greater than the principal amount outstanding of the existing mortgage being refinanced, and all or a portion of the equity is converted to cash received by the borrower.
A refinance transaction that allows the borrower to take out additional funds above the existing mortgage amount. This extra cash can be used for closing costs, escrow, home improvement, education, etc.
A loan in which the proceeds exceeds the total of the money needed to repay the existing first loan and loan expenses.
A refinance for more than the balance of the original mortgage, so that money is taken out of the equity built up in the house.
The process of refinancing for an amount higher than the balance due, assuming the property has a sufficiently high value.
Refinance loan that gives the borrower more money than is needed to pay off the existing mortgage.
A refinance loan that provides the borrower with funds beyond that required to pay off existing mortgages on the home.
a refinance loan that provides the borrower with cash that exceeds the amount required to pay off existing mortgages on the home. The borrower pays off the existing loan with cash left over "cash out" to use for whatever they choose.
A loan taken out for the purpose of using all or part of the existing equity in a home.
A mortgage loan that allows the borrower to pay off an existing debt and obtain excess money from the equity of their home for payment of closing costs and additional funds for personal needs (i.e., college tuition, home improvement, remodel home, purchase automobile and etc).
A refinance in which the borrower takes cash, or equity out of the property.
An existing loan is refinanced and the borrower is receives cash in addition to the amount of the home loan. The cash added to the amount financed and is part of the lien against the property securing the loan.
A refinance loan that provides the borrower with the availability of cash that exceeds existing mortgage liens on a property. A cash out refinance pays the existing liens on a property, and the excess amount is paid in cash to the borrower.
Using equity in a home to obtain cash when refinancing to be used for other purposes.
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose. Cash Reserve A cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.
A refinance loan that provides the borrower with cash that exceeds the amount required to pay off existing mortgages on the home. This additional cash can be used by the borrower for any purpose.