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. 
 
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