Cash Out Refinance Loan definition
Cash Out Refinance Loan means a Mortgage Loan with respect to which the borrower used only a portion of the proceeds of the new Mortgage Loan to repay the existing mortgage loan, retaining the remaining proceeds in cash for other purposes.
Cash Out Refinance Loan means a Loan, the Loan Amount of which is greater than the sum of (i) the unpaid principal balance (the "UPB") of any existing mortgage or mortgages on the applicable Property (an "Existing Mortgage") being paid off with the proceeds of such Loan, (ii) any prepayment costs and/or premiums paid by the Borrower in connection with the payoff of the Existing Mortgage, (iii) closing costs paid by the Borrower in connection with the payoff of the Existing Mortgage that are acceptable to F▇▇▇▇▇▇ Mac, (iv) two percent (2%) of the UPB of the Existing Mortgage, and (v) the amount that F▇▇▇▇▇▇ Mac requires to be placed into escrow for repairs to the applicable Property, as determined by F▇▇▇▇▇▇ Mac in its discretion.
Examples of Cash Out Refinance Loan in a sentence
For a No Cash Out Refinance Loan or a Cash Out Refinance Loan, the LTV for such Mortgage will not exceed 65%.
For an Acquisition Loan, No Cash Out Refinance Loan or a Cash Out Refinance Loan, the LTV for such Mortgage will not exceed 75%.
For a No Cash Out Refinance Loan or a Cash Out Refinance Loan, the LTV for such Mortgage will not exceed 70%.