Sentences with phrase «balance on their existing mortgage»

But, you can pay off your home at closing using the payment from the reverse mortgage.4 You must have enough equity in your home to cover the balance on your existing mortgage and eliminate your monthly mortgage payment.5 Any remaining loan proceeds may be used however you choose.

Her lender is willing to let her refinance for more than the balance on her existing mortgage.

Because a HELOC allows you to borrow money against your home's value, your line of credit will depend on several factors, including your home's appraised value, the remaining balance on your existing mortgage, and your credit history.

You should also know your credit scores, along with the balance on your existing mortgage.

A cash - out refinance is where you take out a new mortgage on your home for an amount that's higher than the balance on your existing mortgage.

It's the cost of your new home minus the down payment if you're buying or the balance on your existing mortgage if refinancing.

But, you can pay off your home at closing using the payment from the reverse mortgage.4 You must have enough equity in your home to cover the balance on your existing mortgage and eliminate your monthly mortgage payment.5 Any remaining loan proceeds may be used however you choose.

Not exact matches

Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the appraised value of the home and subtracting the balance owed on the existing mortgage.

Some mortgage lenders offer mortgage refinancing options, which will enable you to pay off the outstanding balance on your existing debts and replace them with a new mortgage.

The calculator works by determining your eligibility and the amount you may qualify for based on several factors such as your home value, any existing mortgage balance, and your age.

A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor.

They are based on the current value of your home versus your existing mortgage balance.

Applicants are typically approved based on a percentage of their home's appraised value and then subtracting the balance owed on your existing mortgage.

This temporary program, which is only available on Fannie Mae or Freddie Mac mortgage loans, allows you to take advantage of lower interest rates by refinancing your existing mortgage loans, even if the balance is greater than the value of your home.

«Wrap Around» Mortgage A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the moMortgage A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the momortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the momortgage plus an additional amount requested by the mortgagor.

A cash - out or cash - back mortgage refinance is when you refinance your home for more than the outstanding balance on your existing loan.

Each time a homeowner makes a repayment on their existing mortgage loan, the balance reduces.

• The balance of the existing mortgage on the property exceeds the available funds from the reverse equity mortgage.

The month in which the modified principal balance of the new mortgage is less than the principal balance of the existing mortgage is the month in which a genuinely economical refinancing payback period, one based on household net worth, has been reached.

(If the costs of refinancing will be paid out of pocket, then the same dollar amount should be subtracted from the existing mortgage's principal balance, based on the assumption that if the refinance transaction does not take place, the money you would shell out for costs could instead be used to pay down the principal balance of the existing loan.)

The loan balance on day 1 of your reverse mortgage will include: payoff of existing liens / mortgage, origination costs, up front mortgage insurance premium (MIP), and any of the reverse mortgage funds you take up front.

Many home equity lenders determine the equity with which you have to work by taking a percentage (e.g., 75 %) of the home's appraised value and subtracting from that the balance owed on the existing mortgage.

Loan modifications typically involve a reduction in the principal balance, the mortgage lender changing the terms on an existing mortgage, the lender granting an extension of the of the terms or otherwise changing the terms without refinancing.

Reverse mortgages can be used to help seniors remain in their homes by helping them pay off the balance remaining on an existing mortgage.

A mortgage customer who already has their loan closed and is currently being serviced can often elect to apply a lump sum of money against their existing principal balance and, rather than simply reducing what they owe on the loan, they end up with a reduced monthly payment.

By the time we get to that point, it will be relatively easy (due to amortization of existing 15 year mortgages) to pay off a small balance loan to add on the next one.

Lenders approve applicants for a specific amount of credit based on taking a percentage of their home's appraised value and subtracting the balance owed on the existing mortgage.

For the properties Jeremy purchased on the MLS, he said, «either it said on the MLS that they would take seller financing or it didn't say that but they'd been on the market for a little while and it was a value add opportunity where they had a low enough mortgage balance that we could do seller financing and give them a down payment big enough to cover their existing debt.»

He will owe roughly $ 1,005,000 on the remaining mortgage balance and his existing 30 year term policy has him protected.

If you've taken out a second mortgage on your home or refinanced an existing one, life insurance will guarantee that the mortgage balance is paid off for you, if you purchase the right amount.

Bolstered by low mortgage rates and a swelling demand from equity - rich baby boomers, the housing markets have been out of balance for the past few years, with existing - home inventories alarmingly low — only 3.8 months» supply on a nationwide basis as of January — and price appreciation undesirably high.

If and when they need a reverse mortgage in the future, they will have to pay off their existing mortgage in the process, and the lower the balance, the more they will be able to draw on the reverse mortgage.

In a report released on Tuesday, Canada Mortgage and Housing Corp. predicts that existing home market conditions will remain balanced during the next two years as MLS sales ease and inventory levels remain elevated.

The calculator works by determining your eligibility and the amount you may qualify for based on several factors such as your home value, any existing mortgage balance, and your age.

Conversely, in a refinance with cash provided, the consumer refinances an existing mortgage obligation and receives money from the transaction that is in addition to the funds used to pay the unpaid principal balance, any earned unpaid finance charge on the existing debt, and amounts attributed solely to the costs of the refinancing.

The outstanding balance of the existing mortgage loan securing the property was less than estimated on the Loan Estimate.