What is the difference between a cash-out refinancing and a rate-and-term refinancing?
What will be an ideal response?
When a lender is evaluating an application from a borrower who is refinancing, the loan-to-value ratio (LTV) is dependent upon the requested amount of the new loan and the market value of the property as determined by an appraisal. When the loan amount requested exceeds the original loan amount, the transaction is referred to as a cash-out-refinancing. If instead, there is financing where the loan balance remains unchanged, the transaction is said to be a rate-and-term refinancing or no-cash refinancing. That is, the purpose of refinancing the loan is to either obtain a better note rate or change the term of the loan.
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A remittance advice is
a. used to increase (debit) an account receivable by the cash received b. is a turn-around document c. is retained by the customer to show proof of payment d. none of the above
Researchers, hidden from view, recording the behavior of unsuspecting shoppers as they walk through the supermarket would be a form of research considered unethical by a:
A) deontologist B) sociologist C) teleologist D) criminologist E) deaconologist
Which factor below is not part of the reciprocally related human functions of the triadic reciprocal model of behavior?
A. self-regulation B. reinforcement C. cognitive processes D. behavior
On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.)
A) $38,400 B) $64,000 C) $51,200 D) $12,800