What is a no cash-out refinance?

Answer No cash-out refinances create a new mortgage. The new mortgage amount cannot exceed the sum of the closing costs, remaining balance on existing mortgages and any discount points, according to Broke... Read More »

Top Q&A For: What is a no cash-out refinance

What is a no-cash out refinance?

No cash-out refinance mortgages allow homeowners to lower their monthly mortgage payment by refinancing at a reduced interest rate.ProcedureHomeowners must fill out a new loan application for consi... 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 is a limited cash out refinance?

A limited cash out refinance allows a borrower to procure a new mortgage while rolling the closing costs into the loan. Additionally, he can get another 2 percent of the loan amount--or $2,000, whi... Read More »

Do you pay tax on a cash-out refinance?

Although you walk away from a cash-out refinance with money in your pocket, you do not pay tax on it. That's because that money isn't actually income. It's a loan, and you will pay it back every mo... Read More »