If the benefits outweigh the risk in your particular situation…Here’s what you need to know about qualifying your borrowers.
Your brother got a free ride for college on a basketball scholarship, and your best friend has a hefty inheritance.
Question: I’ve been hearing about a new cash-out refinance program that is designed specifically for paying off student loan debt. Traditional cash-out refinances have always allowed you to cash in your home’s equity by refinancing your primary mortgage and walking away from closing with a check to use on other expenses, such as costly home repairs or to pay off credit card and student loan debt.
What is the difference between this “student loan cash-out” mortgage and a traditional cash-out refinance? However, lenders add a premium to the mortgage rate on a standard cash-out refinance (also called a loan level price adjustment).
In 2006, she started originating loans and moved into underwriting in 2009.
By working on both sides of the process, Dani possesses a unique understanding of the mortgage lending process compared to other industry professionals.