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What is a cash–out refinance? A cash–out refinance replaces your existing home loan with a new, larger mortgage. The difference between your new loan amount and your old one is returned to you as cash–back at closing. Cash–out refinancing…
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Who pays closing costs? Typically, buyers and sellers each pay their own closing costs. A home buyer is likely to pay between 2% and 5% of their loan amount in closing costs, while the seller could pay 5% to 6% of the sale price to their…
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What does LTV mean? Your “loan to value ratio” (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% – because the…
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