Loan Purposes

A mortgage seems like a pretty standard necessity when it comes to purchasing a home. However, what many of us don't know is that TONS of purchase loan products exist that offer multiple payment and down payment options along with accommodating for less than perfect credit history.

With a rate and term refi you are only able to pay of mortgage related debts and cannot receive substantial cash back at closing.

These loans are loan type-to-loan type (i.e. FHA to FHA or VA to VA, etc.) and typically do not have income or appraisal requirements. Streamlines only allow first lien mortgages to be paid at closing.

Cash-out refis allow you to pay off high interest debt as well as receive additional funds at close, all while offering the perks of the mortgage world's low rates and payments. By leveraging consumer bills, these loans often provide the highest benefits in terms of monthly savings and eminent debt freedom.

Another way to borrower money against your home is via a second mortgage. You can acquire these through refinancing, or when purchasing a new home. Purchase money seconds are often used to supplement a down payment when buying a home. However, today's affordability of PMI causes these loans to be much less prominent.

Reverse loans, or HECMs allow borrowers over the age of 62 to 'retire' on their equity, giving them the ability to have no monthly payments, or even RECEIVE monthly payments based on how much value they have in their home.