Tag: rate and term

If a HELOC Is the Only Mortgage, Is the Refinance a Rate/term or Cash-Out?

Question: My client’s first mortgage is a HELOC.  They want to refinance in order pay off the HELOC and close that line of credit. Is this a Cash-Out or a Rate/Term Refinance?  MC Chart – Refinance Loans – All Agency Guidance Answer: Fannie allows you to treat as rate and term without regard to identifying […]

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Net Tangible Benefit Requirements for FHA Refinance

Question: Does FHA require a 48-month recoupment as part of the Net Tangible Benefit for closing costs and non-finance MIP when a client is requesting a rate/term refinance? Answer: The 48-month rule you’re referencing is actually a lender overlay and not in FHA regulations. The following are typical exceptions to that overlay, but you’ll have […]

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