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Definition of Purchase Money, Cash Out, and Rate /Term ...

Definition of Purchase Money, Cash Out, and Rate /Term Mortgages

By Dan Melson on November 21, 2017 7:00 AM | Permalink | Comments (0)

Purchase Money: This is a loan that enables you, in combination with your down payment, to actually purchase the property. If you spend cash to buy the property and get a loan the next day, that is not a purchase money loan. Whether it is or is not a purchase...

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Date: 2017-12-27 17:21:11

How Soon After You Purchase A Home Can You Refinance ...

Legally, immediately. This also applies to refinance loans.

With that said, there are economic reasons why it may not be a good idea for you to refinance.

If you have a prepayment penalty, you're going to have to save a lot of money to make it worth paying that penalty. Suppose you have a rate of 7 percent, and an penalty of eighty percent of six months interest, that's a prepayment penalty of...

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Date: 2017-12-27 18:16:49