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 obtained by the borrower after refinancing an amount larger than the current mortgage amount. This option is often used to finance home improvements.
A refinance for funds in excess of the balance of the current mortage. The excess money taken out reduces the borrower's equity.
Receiving the full amount of equity at funding when a property is sold.
Refinancing your present mortgage and receiving money back.
in a cash out, you receive the difference between the loan amount and the closing costs plus purchase or refinance costs.
The cash a borrower receives in addition to the remaining balance of a new loan.
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan. Cashier's Check (or Bank Check)- A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.
A loan in which the total proceeds of the loan are more than the actual refinanced amount and loan costs. Typically these "extra" proceeds are given to the homeowner to use or paid directly to an account of the homeowner's choice.
A refinance in which the borrower receives cash in excess of the funds required to pay-off existing mortgage(s) and debts. The excess money is taken out and reduces the borrower's equity in the property. Read more about our Cash Out refinancing loan.
When a homeowner refinances a loan and receives cash proceeds over and above the original loan and the refinancing costs.
Receiving money back when refinancing your present mortgage. Defined by Fanniemae and Freddiemac as more than $2,000 or 2% of the loan amount back as cash in hand at the closing of your loan. If it's less than that amount of money it is not considered cash out and interest rate may be lower on No Cash Out refinances. Also called a Rate and Term refinance.
a loan transaction in which the borrower receives funds as the time of closing.
Cash given to the borrower from the proceeds of a loan. While relatively common as part of a refinance, it is uncommon as a benefit of nonconforming loans used for a purchase.
Money received when you refinance as a result of the new loan being larger than the current balance of your mortgage. To determine whether or not a refinance is a "cash out" loan, subtract your current loan amount and the costs of refinancing from the new loan.
A refinance for more than the remaining balance of the current mortgage. The excess money taken out reduces the borrower's equity they have already built up in the house.
When a borrower refinances their existing mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as “cash out refinance."
The process of taking additional money out of your property during a refinance either through a home equity loan or by refinancing for greater than the current balance of your mortgage. Taking this extra money out of your property may increase your interest rates because trends support the theory that cashing out increases the chance of a borrower defaulting on their loan.
The cash that a borrower can receive upon refinancing all existing loans against a property with a new loan or loans that is greater than the amount needed to pay off the existing loans.
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan. For example, if your existing loan is $100,000, you might refinance it with a loan of $120,000. After you pay off your current loan ($100,000) and any loan-origination costs for the new loan (for example $2,000 in points), you would be left with $18,000 cash out. Cash-out loans may not be available for all types of property.
To receive money back by refinancing your existing mortgage.
Taking your money and going home.
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.
A situation where the borrower refinances a mortgage for more than the amount of the original loan and receives money beyond the first loan and all closing costs. The cash received may be used in any fashion, commonly consolidating other debts and home improvement.
The refinancing of a mortgage in which the balance of the new mortgage is greater than the amount due on the previous mortgage (plus any applicable closing costs). The borrower will typically use the proceeds to consolidate debt, for investment, home improvement, etc.
The refinancing of a mortgage in which the money received from the new loan exceeds the amount due on the old loan. This refinance transaction results in additional cash for the homeowner that can be used for any purpose. back