Sentences with phrase «existing mortgage balance»

Examples include, the property location, the approximate property value or purchase price, the type of home (e.g. single family), the approximate existing mortgage balance (if refinancing), and cash - out amount desired (if refinancing), self assessed credit history (excellent, good, fair, poor).

Finally, Freedom also offers cash - out refinancing for people with existing mortgage balances.

For example if the home is worth $ 100,000 and the existing first mortgage balance is at 60 % of the value ($ 60,000), then the maximum equity that we would be able to access would be $ 15,000 to $ 20,000 (75 % to 80 % of $ 100,000 — 60 % existing mortgage balance = 15 % or 20 % equity or $ 15,000 or $ 20,000).

The process works like this: You apply for a new home loan to pay off your existing mortgage balance.

The minimum bridge mortgage amount is $ 5,000.00 and the maximum is the lesser of the purchase price less the mortgage amount OR the sale price less the existing mortgage balance less 7.00 % of the sale price as estimated closing costs.

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.

In other words, you need to have enough equity that a reverse mortgage will leave you with a reasonable lump - sum monthly payment or line of credit after paying off your existing mortgage balance, if you have one.

A mortgage cash out is a refinancing option whereby your existing mortgage balance is ultimately replaced with a higher loan balance in order to provide cash that can be used for other purposes.

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

If you have an existing mortgage balance I'll need to know the amount we are going to pay off to get rid of that mortgage payment!

In the above example, the homeowner has an existing mortgage balance of $ 300,000.

While using the entire reverse mortgage loan to pay off the existing mortgage balance might seem counter-productive, one must also consider that the homeowner will no longer have to make monthly mortgage payments.

(Reverse mortgage funds can be used to repay the existing mortgage balance).

The reverse mortgage funds can be used to repay the existing mortgage balance.

Using the entire reverse mortgage loan to pay off the existing mortgage balance might seem counter-productive, but the homeowner will no longer have to make monthly mortgage payments.

You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.

A 2/28 mortgage is okay - try to make sure your pre-payment penalty is not more than 2 years - otherwise when you rebuild your credit and refinance for a FHA mortgage in 2 years you will owe 6 mos of pre-paid interest to the top of your existing mortgage balance.

If the home sold for $ 215,000, the children could pay off the existing mortgage balance of $ 75,000, leaving them with $ 140,000 profit.

Homeowners can refinance their existing mortgage balance up to $ 1 million while still being able to deduct the interest — the new loan can not exceed the amount of debt being refinanced.

• The borrower's age • The home's value • The property's ZIP code • Any existing mortgage balance or liens • Number of expected years in the house • Life expectancy

You must pay off any existing mortgage balance and all mandatory obligations at closing with funds from the Reverse Mortgage or another source

However, the existing mortgage balance must be paid off at closing.

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.