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Is it a cashout loan if I am paying off a fixed 2nd mortgage or rate and term?

jameshogg · Posted: Thu Jul 29, 2010 9:46 pm Post subject:

Hi Guest,

I did not understand what you wanted to say in the query. If you pay off the second loan in full, you won't be liable for it any longer. You would be liable for paying the monthly payments in regards to your first mortgage.

Thanks

jveenstra · Posted: Fri Jul 30, 2010 9:19 am Post subject: Pay Off Second

The answer to your question depends on a couple things you did not yet tell us.

Conventional Loans:
If you got the first and second mortgage at the same time at the time of purchase, it is rate and term refinance.
If you got the first mortgage on one date and the second mortgage on a later date, it is a cash out refinance.

FHA Mortgages:
If you have had the second mortgage over 12 months, it is a rate and term refinance

Posted: Sun Dec 11, 2011 6:45 am Post subject: rate and term

it is a refinance his ltv is 85% his appraisal came in low, loan had to be restruture, at this point i had suggest the can go with rate and term with freddie mac

jveenstra · Posted: Mon Dec 12, 2011 7:55 am Post subject: Refinance

It does not matter if it is Fannie Mae or Freddie Mac, it is a cash out refinance if the second mortgage was acquired on a date other than the purchase date of the property.

Maybe you meant ot write that you suggest he do the FHA mortgage

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Is it cashout or rate and term if I payoff a fixed 2nd mortgage