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Mortgage Refinancing in Decatur, Illinois.
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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).
Debt ratio or Debt-to-Income Ratio The ratio, expressed as a percentage, is calculated by dividing the monthly payment of long-term debts by gross monthly income.
Gross Monthly Income The total monthly income earned before taxes and any other deductions.
Simple Interest Interest which is computed only on the principle balance.
