Fixed Rate Fully Amortizing Mortgages for Refinances
A Fixed Rate Fully Amortizing Mortgage is one where the rate is established at the beginning and every monthly payment will be for the same amount. The payment is calculated so that during the life of the loan that set payment will pay all of the principal and interest by the time the final payment is made. There will be no changes to the rate, and there will be no changes in the monthly payment amount.
Rate Term Refinances
A Rate Term Refinance is one where the new loan pays off the existing mortgage but does not result in you receiving cash back from the transaction.
Maximum Loan to Value - Refinance Fixed Fully Amortizing - Rate Term |
|
| Property Type | Loan To Value |
Primary Residence |
|
| One or Two Family | 95% |
| Three or Four Family | 80% |
Second Home |
|
| One Family | 95% |
Investment Property |
|
| One or Two Family | 90% |
| Three or Four Family | 75% |
Cash Out Refinances
A Cash Out Refinance is one where the new mortgage is for more than the current mortgage being paid off. As a result, you will receive cash back at the conclusion of the transaction.
Maximum Loan to Value - Refinance Fixed Fully Amortizing - Cash Out |
|
| Property Type | Loan To Value |
Primary Residence |
|
| One or Two Family | 90% |
| Thee or Four Family | 75% |
Second Home |
|
| One Family | 90% |
Investment Property |
|
| One or Two Family | 85% |
| Three or Four Family | 70% |
