HELP! | Amount Existing Liens & |
Purpose of Refinance: |
This
section is for Refinance loans only. If you are purchasing a
home or applying for a construction loan, skip this section.
|
Amount
Existing Liens: |
Enter
the total amount of money owed on your property right now. This includes
1st and 2nd mortgages, private notes, etc. Any money that you owe
that is using your property as security for this money to be paid back
is a lien on your property. Add these liens together and enter the
amount in the field without the "$".
|
Purpose
of Refinance: View the choices below
and select from the drop-down box on the form.
|
Lower
Rate:
|
Select
"Lower Rate" if you are exchanging your old loan for a new one,
you don't want extra cash from the loan and you're not consolidating your
debts. This may include lowering your interest rate by changing to
another amortization type (e.g. from an ARM
to a Fixed-Rate loan).
|
|
Cash
Out:
|
Select
"Cash Out" if you are financing extra cash out of the equity in
your home in the loan you are applying for and the cash is not being used
for home improvement or bill consolidation.
|
|
Consolidate
Bills: |
Select
"Consolidate Bills" if you are consolidating your debts to lower
your household monthly payments in the loan you are applying for.
|
|
Home
Improvement: |
Select
"Home Improvement" if you are getting cash out of your loan for
improvements on your property.
|
|
Pay
Off
Second: |
Select
"Pay Off Second" if you are refinancing to pay off another mortgage
lien on your property (such as a 2nd or 3rd mortgage).
|
|
Other:
|
Select
"Other" if none of the above apply to your situation.
|