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|Todays Home Buying Experts|
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At TodaysHomeBuyingSecrets we are commited to providing you with up to date information, options and tips on mortgages. This site is a comprehensive guide to the real estate market.
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Construction Loan - A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
Refinance Transaction - The process of paying off one loan with the proceeds from a new loan using the same property as security.
Cash-Out Refinance - When a borrower refinances their mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use.
FHA / VA Streamline Refinance - A loan that does not require an appraisal or full credit report as long as the new loan amount does not exceed the initial amount of the present FHA loan. This is a fast and easy loan alternative if all criteria are met and the loan has an acceptable mortgage history.
Rate/Term Refinance - The refinancing of an existing mortgage for the purpose of changing the interest and/or term without advancing new money on the loan.
Payment Reduction Refinance - The refinancing of an existing mortgage for the purpose of lowering the borrower's monthly mortgage payment.
2nd Mortgage - A mortgage that has a lien position subordinate to the first mortgage.
Home Equity - The current market value of a home minus the outstanding mortgage balance.
Home Equity Line of Credit - A mortgage loan which provides the borrower with a checkbook or credit card that is used to borrow funds against the home equity.
Home Equity Loans(Type of 2nd Mortgage) - A mortgage loan which lends out a lump sum of money that must be repaid over a fixed period.
Reverse Mortgage - A loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g. into aged care).