|Cash Out Refinance|
A mortgage loan that allows the borrower to pay off an existing debt and obtain excess money from the equity of their home for payment of closing costs and additional funds for personal needs (i.e., college tuition, home improvement, remodel home, purchase automobile and etc).
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.
|Gross Monthly Income|
The total monthly income earned before taxes and any other deductions.
A mortgage made subsequent to another and subordinate to the first one.