Cash Out Refinance - Law Dictionary Search Results
cash-out refinance
cash-out refinance when a borrower refinances a mortgage at a higher principal amount to get additional money. Usually this occurs when the property has appreciated in value. For example, if a home has a current value of $100,000 and an outstanding mortgage of $60,000, the owner could refinance $80,000 and have additional $20,000 in cash. Source: U.S. Department of Housing and Urban Development ...
no cash out refinance
no cash out refinance a refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home. Also called a "rate and term refinance." Source: U.S. Department of Housing and Urban Development ...
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