Streamlined Refinancing
Definition of "Streamlined Refinancing"
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new loan, the information from the previous loan available to the lender retains validity. In addition, valuable information may be available on the borrower's payment history. The extent to which a lender can offer streamlining depends on how much information and how much discretion the lender has. A new lender that was the original lender and still owns the loan has the greatest leeway. A new lender that was the original lender but is now servicing the loan for someone else has the same information but less discretion. A new lender that was not the original lender and is not servicing the old loan doesn't have the information needed to justify streamlined refinancing.
Popular Mortgage Terms
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash ...
The party who services a loan, who may or may not be the lender who originated it. ...
The lender's risk that, between the time a lock commitment is given to the borrower and the time the loan is closed, interest rates will rise and the lender will take a loss on selling ...
Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...
The definition of affordability in real estate is simply a buyer’s capacity to afford a house. Affordability is usually expressed in terms of the maximum amount a buyer will be able ...
You’ve certainly heard a lot about Credit Score and might even have a general idea about its meaning, but if you came to this page you still have some doubts about what is a credit ...
Have a question or comment?
We're here to help.