The Loan Process
Below is a list of commonly used terms in the Mortgage industry.

 

Select A Term Below
1003
Annual Percentage Rate (APR)
Appraisal
Balloon Mortgage
Balloon Payment
Cash-out Refinance
Closing
Closing Cost Item
Community Property
Effective Gross Income
Foreclosure
Home Equity Loan
HUD

Cash-out Refinance

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.