MP] Refinancing for an amount in excess of the balance on the old loan plus settlement costs.
A refinancing arrangement in which the amount of money received from the new loan exceeds the total of the money needed to repay the old debt, closing costs.
A refinance transaction in which the amount of money received from a new loan is more than the total needed to repay the existing mortgage, closing costs, points, and the amount required for any outstanding subordinate mortgage liens.
A refinance transaction in which the amount of money received from the new loan exceeds the total outstanding amount on the existing first mortgage, in essence allowing the borrower to receive cash back from their loan.
This occurs when a borrower refinances a mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, such as the purchase of a car, college tuition, or home improvements.
LTVâ— Stated Income Loan
Where a mortgage is refinanced with the object of getting cash equity out of the home. Lenders require a higher interest rate when doing this as it is considered a higher-risk loan. (see Home Equity )
A transaction which allows a borrower to refinance a mortgage at an amount in excess of the loan balance and receive cash for personal use.
a refinance transaction in which there is cash left over after all monies needed for closing (closings costs, payoffs, etc.) have been distributed
When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of using some money for his own personal use.
A refinance loan in which the new loan amount is greater than the current loan balance, resulting in cash proceeds to the borrower
A refinance transaction in which the principal borrowed on the new loan larger than the total money needed to payoff any existing mortgages, closing costs, points, and any additional requirements (i.e. delinquent taxes, etc). In a cash-out refinance, the additional money can be used for home improvements, debt consolidation, etc.
This type of refinance is when a borrower takes out a new loan on their existing property, but the new loan amount is greater than the amount of the original mortgage. The difference is then taken out in cash.
Using a new mortgage to cash out an existing mortgage with the objective of converting (all or part of) the difference in value between the original property value and the reappraised property value to cash.
A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens.
A mortgage refinancing where the loan amount is greater than the debt owed to the original lender, allowing the homeowner to turn some of the home's equity into cash and use it 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.
when homeowners apply for a new larger loan with the purpose of paying off a present loan and keeping the difference for personal use.
The refinancing of a mortgage where the cash received from closing the new loan is greater than the amount required to close the old loan. The extra funds are available to the borrower to use in any manner.
refinancing transaction based on the equity in the home. The new loan exceeds the total amount of money needed to repay the existing first mortgage and any additional liens. The borrower receives the cash balance of the loan. For instance, someone might refinance a first mortgage of $80,000 into a new $90,000 loan and take the $10,000 difference out in cash for other expenses.
"When a borrower refinances his 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 a ""cash out refinance."
A refinance transaction in which the new loan amount is greater than the remaining balance of all current mortgages. Many homeowners use this option to finance home improvements, debt consolidation, or take needed cash from the equity built up in the property.
The taking out of a new mortgage on the same property in which the amount borrowed is greater than the amount of the previous mortgage. The difference is taken out in cash.
When a borrower refinances a mortgage at a higher amount than the existing loan balance, intending to use the money for personal use.
This is seen when a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of withdrawing money for personal use.
A transaction that provides cash proceeds to the borrower in excess of 1 percent of the mortgage amount or provides cash that is used to pay off non-mortgage debt.
A refinance transaction in which the borrower receives additional cash above the original loan amount that can be used for any purpose.
To refinance the mortgage on a property for more than the principal owed. This allows the borrower to get cash from the equity in their home. Loan products may vary on how much can be borrowed on a cash-out refinance.
A refinance in which the new loan amount exceeds the total amount needed to payoff the existing mortgage and pay the costs of the refinance. Often used to borrow against the equity of a home while lowering the interest rate on the existing mortgage, rather than taking a second mortgage.
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 cash-out refinance is a transaction in which the borrower receives additional cash from the new loan, over and above the amount needed to repay the first loan, which he can use for any purpose.
The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
When an owner renegotiates or negotiates a new mortgage and the proceeds of the new financing exceed the money required to pay out the old mortgage and any other costs, liens or expenses, leaving money for the borrower.
A mortgage refinancing transaction in which the borrower receives cash from the new loan in excess of what is needed to repay the first mortgage, closing costs, and any subordinate liens. A limited cash-out refinance is a similar transaction in which the borrower does not receive any additional cash from the new mortgage. In a no-cash-out refinance, the borrower receives a mortgage only for the outstanding principal balance of the first mortgage (rounded to the next $100 increment).
When home owners apply for a new, larger loan with the purpose of paying off their present loan and pocketing the difference. Cash-out refinancing lets you take advantage of the equity that you've built over the years and free up some cash to remodel your kitchen, pay your children's college tuition or pay off your credit card bills. Usually you refinance when interest rates are lower than your current loan so you lower your monthly payments. Depending on the lender, you can get 80%, and in some cases more, of your home's value.
A refinance transaction whereby the borrower effectively borrows against the home equity. The new loan amount exceeds the total of the principal balance of the existing first mortgage (including secondary mortgages or liens) along with closing costs and points for the new loan. The excess amount is typically given to the borrower ito be used for debt consolidation, home improvement, or any other purpose.
A transaction where the borrower can refinance with a loan amount greater than the current mortgage and keep the difference. This typically requires that the equity in the property be higher than the current loan.
Refinancing of a mortgage where the money received from the new loan is greater than the amount due on the old loan. These funds can then be used in any manner by the borrower.
A refinance transaction in which the new loan amount exceeds the total of the principal balance of the existing first mortgage and any secondary mortgages or liens, together with closing costs and points for the new loan. This excess is usually given to the borrower in cash and can often be used for debt consolidation, home improvement, or any other purpose. The borrower effectively borrows against the home equity.
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 liens. In-hand cash that is received from any given refinance or mortgage.
A refinance transaction in which the borrower receives cash in excess of existing mortgages and certain financing costs.
(known in Britain as Equity Release) A refinance (remortgage) 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 and the amount required to redeem other mortgages against the property. In short, a remortgage (refinance) transaction in which the borrower receives additional cash that can be used for any acceptable purpose.
Refinancing transaction in which the money the borrower receives from the new loan exceeds the total amount he uses to repay the existing first mortgage, closing costs, points; and satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash he can use for any purpose.
Receiving money back when refinancing your present mortgage at a higher amount than the current loan balance.