The replacement of a matured loan with a new loan where no additional principal is borrowed and added to the loan.
Also referred to as rate reduction mortgage or rate and term refinance. The mortgage amount is limited to the sum of the unpaid principal balance of any existing first mortgage(s) plus closing costs.
a transaction in which the new mortgage amount is limited to the sum of the remaining balance of all existing mortgages, closing costs (including prepaid items), and any discount points
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).
A refinance transaction that calculates a new balance to cover the balance due on the present loan, instead of providing cash to the borrower.
"A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a ""rate and term refinance."""
A home loan for a lower interest rate in an amount that does not exceed closing costs and the original mortgage's outstanding principal.
A mortgage that carries with it an interest rate that is lower than the costs incurred from the property's closing and the starting principal amount of the loan.
The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.
A refinance transaction that is not intended to put cash in the hand of the borrower, but instead calculates a new balance to cover the balance due on a current loan and any costs with obtaining a new mortgage.
Also known as rate reduction mortgage, a transaction in which the mortgage amount is limited to the sum of the unpaid principal balance of any existing first mortgage(s) and closing costs. Also known as a rate and term refinance.
A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old and othe