What happens before a refinance loan is funded?

Answer With refinancing, a mortgage lender pays off your existing mortgage and replaces it with a new home loan, which usually features lower monthly payments.ConsultationA bank will discuss your needs fo... Read More »

Top Q&A For: What happens before a refinance loan is funded

What is a refinance loan?

Finance refers to the circulation of money by granting credit and making investments through the bank's established, according to the Merriam Webster Dictionary. Refinancing is renewing a previousl... Read More »

What is a cash out refinance loan?

A cash out refinance of a mortgage allows a borrower to tap into the builtup equity in his home for other purposes, such as debt reduction, home repairs, or cash reserves. It increases the mortgage... Read More »

What does it mean to refinance a loan?

Refinancing a loan means getting a new loan to pay off an existing one while using the same collateral source. Reasons for refinancing can include switching from an adjustable-rate mortgage to a f... Read More »

What is the recommended loan to value ratio for a mortgage refinance?

The loan to value ratio (LTV) for a mortgage refinance is the amount of the loan divided by the value of the home. For conventional mortgages, the maximum LTV is 95 percent. For FHA mortgages, the ... Read More »