Cash-Out Refinancing definition
Cash-Out Refinancing. A Refinanced Mortgage Loan the proceeds of which were in excess of the principal balance of any existing first mortgage on the related Mortgaged Property and related closing costs, and were used to pay any such existing first mortgage, related closing costs and subordinate mortgages on the related Mortgaged Property.
Cash-Out Refinancing. With respect to a Mortgage Loan serviced by ___________, a Refinanced Mortgage Loan the proceeds of which are more than a nominal amount in excess of the principal balance of any existing first mortgage or subordinate mortgage on the related Mortgaged Property and related closing costs. With respect to a Mortgage Loan serviced by __________, a Refinanced Mortgage Loan, the proceeds of which were more than the greater of (a) $1,000 or (b) 1% of the principal balance of an existing first mortgage on the related Mortgaged Property and the principal balance of any existing subordinate mortgages on the related Mortgaged Property, in either case, in excess of the principal balance of an existing first mortgage on the related Mortgaged Property, the principal balance of any existing subordinate mortgages on the related Mortgaged Property and related closing costs, and were used to satisfy such existing first mortgage, or any such subordinate mortgages, to pay related closing costs and to provide to the Mortgagor more than $1,000 or the amount calculated in clause (b) above, as applicable, in addition thereto. Notwithstanding the foregoing, with respect to __________, any Refinanced Mortgage Loan with a Loan-to-Value Ratio less than or equal to 80% that was used for the purpose of debt consolidation is considered a Cash-Out Refinancing.
Cash-Out Refinancing. As defined in the F▇▇▇▇▇ M▇▇ Guide under the heading Cash-Out Refinance.”
Examples of Cash-Out Refinancing in a sentence
With respect to each Texas Refinance Loan that is a Cash-Out Refinancing, the related Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance Loan in whole or in part without incurring a Prepayment Charge.
With respect to each Texas Refinance Loan that is a Cash-Out Refinancing, the related Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance Loan in whole or in part without incurring a Prepayment Penalty.
Cash-Out Refinancing: A Refinanced Mortgage Loan the proceeds of which were in excess of the principal balance of any existing first mortgage on the related Mortgaged Property and related closing costs, and were used to pay any such existing first mortgage, related closing costs and subordinate mortgages on the related Mortgaged Property.
More Definitions of Cash-Out Refinancing
Cash-Out Refinancing. A Refinanced Mortgage Loan the proceeds of which were more than $1000 in excess of the principal balance of any existing first mortgage or subordinate mortgage on the related Mortgaged Property and related closing costs, and any consumer debt of the borrower that was paid at closing.
Cash-Out Refinancing. A Refinanced Mortgage Loan, the proceeds of which were more than the greater of (a) $1,000 or (b) 1% of the principal balance of an existing first mortgage on the related Mortgaged Property and the principal balance of any existing subordinate mortgages on the related Mortgaged Property, in either case, in excess of the principal balance of an existing first mortgage on the related Mortgaged Property, the principal balance of any existing subordinate mortgages on the related Mortgaged Property and related closing costs, and were used to satisfy such existing first mortgage, or any such subordinate mortgages, to pay related closing costs and to provide to the Mortgagor more than $1,000 or the amount calculated in clause (b) above, as applicable, in addition thereto. Notwithstanding the foregoing, any Refinanced Mortgage Loan with a Loan-to-Value Ratio less than or equal to 80% that was used for the purpose of debt consolidation is considered a Cash-Out Refinancing.
Cash-Out Refinancing. A Refinanced Mortgage Loan, where cash in excess of 3% of the original principal balance of the related Refinanced Mortgage Loan is being paid directly to the borrower excluding any debt secured or being capable of being secured by a lien upon the related Mortgaged Property.
Cash-Out Refinancing. A Refinanced Mortgage Loan the proceeds of which were in excess of the principal balance, as defined per the Underwriting Guidelines.
Cash-Out Refinancing. A Refinanced Mortgage Loan the proceeds of -------------------- which were in excess of the principal balance of all existing mortgage loans secured by the related Mortgaged Property and related closing costs, and were used to pay off all liens on the related Mortgaged Property and related closing costs, and, in some cases, other indebtedness of the Mortgagor, and in connection with which the Mortgagor retains one percent or more of the principal balance of the Refinanced Mortgage Loan after the pay-off of such liens and indebtedness. Closing Date: September 29, 1998. ------------ Closing Documents: The documents required pursuant to Section 9. ----------------- Code: The Internal Revenue Code of 1986, or any successor statute ---- thereto.
Cash-Out Refinancing. A Refinanced Mortgage Loan the proceeds of which were in excess of the applicable amounts set forth in the M&T Mortgage Corporation Correspondent Seller Guide, on the related Mortgaged Property and related closing costs, and were used to pay any such existing first and/or second mortgage, as applicable, related closing costs and to provide additional proceeds for the use of the Mortgagor.
Cash-Out Refinancing means that the homeowner converts a fraction of the equity in the home into cash by cancelling the existing loan and taking out a new and larger loan.