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What is a 'cash-in' refinance?

by melvingibb from Yolo, California. Jun 7th 2013 Reply


Bert Carpenter (BertCarpenter)
#40 ranked lender in Arizona - 1,821 contributions

The opposite of a "cash-out" refinance. In this case, you would bring to escrow the difference between the maximum loan amount and the amount actually needed to close escrow. Example: Maximum loan amount based on the appraisal is $100,000. The payoff on the existing loan plus required closing costs total $105,000. You would need to bring $5,000 "Cash-in" to escrow in order to close. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 7th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,623 contributions

If your property has declined in value or you do not meet the Loan to Value requirements for the type of loan product you've applied for, then you can "Bring Cash In" to closing to pay down your balance into compliance... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 7th 2013
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Stacey Nielsen (Unitywestlending)
#912 ranked lender in California - 123 contributions

You are basically paying the loan down to an acceptable amount to meet the particular investor guidelines.

Jun 21st 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

You bring cash to the loan closing, to reduce the loan amount, or if the payoff(s) of the existing loan(s) is more than the new loan amount.

Jun 7th 2013
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Michael Kirkutis (MichaelKirkutis)
#34 ranked lender in Connecticut - 13 contributions

A cash in refinance is where you will need to bring cash to the closing to facilitate the mortgage. This can occur in a number of scenarios. One example is when the appraisal amount comes in below expectation, and to keep the loan to value at the appropriate amount, you would need to bring cash to closing to make up the difference and cover settlment charges. I am only licensed in CT. Michael A. Kirkutis, CT DOB NMLS #111599, MAK Mortgage Company, Inc., CT DOB NMLS #103552. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. www.cthomemortageloan.com.

Jun 7th 2013
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Linda Wintersteen (Linda123)
#65 ranked lender in Arizona - 1,256 contributions

I have a very good loan officer referral for you in california .linda yourloanpartnerforlife@live.com

Jun 9th 2013
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