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Illinois Mortgage Refinance
What is a conventional mortgage?
A Conventional Mortgage is a first lien loan secured by a residential dwelling, and which generally meets the Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation) guidelines.
Common loan purposes
Cash-out - Where the loan amount exceeds any lien payoffs and that provides cash to the borrower or a borrowers creditor at closing. There are usually loan pricing adjustments in the form of higher rates, closing costs or both.
Limited cash-out - This is where the loan amount is increased just enough to cover closing costs like title, appraisal, lender fees, pre-paid taxes, insurance and interest.
No cash-out - Loan amount and lien payoffs match. Closing costs and pre-paids are paid at closing by the borrower or paid outside of closing(POC)like appraisals.
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