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What Is a Cash-Out Refinance? | The Truth About Mortgage

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What Is a Cash-Out Refinance?

Let's talk mortgage basics. There are two main types of mortgage refinances available to homeowners. There is the standard rate and term refinance , which allows a borrower to obtain a lower mortgage rate and/or shorten their loan term, while keeping their existing loan balance intact. And then there is the "cash-out refinance," which allows a...

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Jumbo Mortgages: Rates and Loan Limits | The Truth About ...

Jumbo Mortgages: Definition, Rates and Loan Limits

What Is a Jumbo Mortgage Loan?

Let's start with a definition. A "jumbo loan" is any single loan amount over the conforming loan limit (set by the Federal Housing Finance Agency), which is currently $453,100 for a one-unit property in the contiguous United States. So if your loan amount is $453,101 or higher, your home loan is considered...

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Second Mortgages Explained: Reasons You Might Need One ...

When you hear the phrase "second mortgage," a negative connotation may come to mind. You could be thinking, "Why would I need a second mortgage? I'm not in financial distress!"

You might even ask yourself if it's possible to have two mortgage loans on one house at the same time.

Well, times have changed, and gone are the days when homeowners come up with large down payments when purchasing real...

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How Are Mortgage Rates Determined? | Current Mortgage ...

How Are Mortgage Rates Determined?

The Mortgage Rates Puzzle

If you do a web search for "mortgage rates" you'll likely see a list of interest rates from a variety of different banks and lenders. Unfortunately, this won't tell you much without actually knowing why the rates are what they are and if they're actually available to YOU.

It's really just a bunch of numbers on a page. Shouldn't you know...

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Mortgage Appraisals and Appraised Value | The Truth About ...

A "home appraisal" is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space, to the view and the year a property was built.

If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order an appraisal . It might also be required...

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