The process of paying off one loan with the proceeds from a new loan, using the same property as security. The purpose is to reduce the interest rate, payment, and/or overall term of the mortgage. Cash received by the borrower at closing may not exceed $2,000 (not allowable in Texas). Requirements vary depending upon State's Law.
- Reduce interest rate, payment, and/or overall term of the mortgage.
- Limit of $2,000 cash (varies depending upon State's Law where loan is originated).
DISCLOSURE ABOUT LOAN QUALIFICATION
Not all applicants will qualify. Please meet with a licensed loan originator for more information. Rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice.