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What Is a Cash-Out Refinance? | The Truth About Mortgage.com

Mortgage Rate vs. APR

What Is a Cash-Out Refinance?

There are two main types of mortgage refinances. There is the standard rate and term refinance , which allows a borrower to snag a lower mortgage rate or shorten their term, while keeping their existing balance intact. And then there is the "cash-out refinance," which allows a borrower to tap into the equity in their home.

How does a cash-out...

The Truth About Mortgage : FHA Loan vs. Conventional Loan

Colin Robertson February 22, 2012 144 Comments »

Our latest mortgage match-up pits FHA loans against conventional loans , both of which are popular options for homeowners these days.

In recent years, FHA loans have surged in popularity, largely because subprime lending (and Alt-A ) was all but extinguished as a result of the ongoing mortgage crisis .

Some even claim FHA loans are the "new...

Loan Types and Programs - The Truth About Mortgage.com

Mortgage Rate vs. APR

Loan Types and Programs

There are an infinite number of loan types out there, and lenders are constantly coming up with creative ways to wrangle in new homeowners. The type of home loan you choose can make or break you as a borrower, so make sure you fully understand it before making any kind of commitment.

These days you'll probably come across ridiculous loan programs that...

Home Equity Line of Credit - HELOC | The Truth About ...

Home Equity Line of Credit

A "HELOC", or "Home Equity Line of Credit," is a type of home loan that allows a borrower to open up a line of credit using their home as collateral.

It differs from a conventional home loan for several different reasons. The main difference is that a HELOC is simply a line of credit that allows a homeowner to borrow up to a pre-determined amount set by the mortgage...

Mortgage Brokers vs. Banks and Mortgage Lenders | The ...

Mortgage Rate vs. APR

Mortgage Brokers vs. Banks

There are a variety of different ways to finance a mortgage, but I'd like to focus on two specific channels, "mortgage brokers versus banks."

There are mortgage brokers , who work as middlemen between banks/ mortgage lenders and borrowers on the wholesale end to secure financing for homeowners. And there are banks and lenders that work directly...

Debt-to-Income Ratio (DTI) | The Truth About Mortgage.com

Mortgage Rate vs. APR

Debt-to-Income Ratio

The "debt-to-income ratio", or "DTI ratio" as it's known in the industry, is the way a bank or lender determines what you can afford in the way of a mortgage payment. By dividing all of your monthly liabilities by your gross monthly income, they come up with a percentage. This figure is known as your DTI, and must fall under a certain percent in order to...

Loan Origination Fee | The Truth About Mortgage.com

Loan origination refers to the initiation and completion of the home loan process, which begins when a borrower submits their financial information to a bank or mortgage lender for loan processing .

Depending on documentation type , a borrower will have to supply certain credit, income, asset, and employment information to a specified bank or lender to initiate the underwriting of the loan...

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