In which Documentation Type category does Cash-out Refinance belong? Streamline or Full Doc?
Full-Doc
True or False? Cash-out loans usually have Lender Credits.
False
True or False? In a Cash-out loan, the borrower may borrow an amount that is higher than the value of the property.
False
Who benefits from a Cash-out refinance; the borrower, the lender, or both?
Both
A cash-out refinance allows the borrower to use the ________ in their home to receive funds at closing.
Equity
True or False? A Cash-out refinance may be used to lower the interest rate and to pay off debts.
True
Which loan type(s) offers a Cash-out option?
Conventional, FHA, and VA
True or False? A new credit check is required for Cash-out loans.
True
For Cash-out Refinances, the loan decision may be made by using; Manual Underwriting, or by using an AUS, or either?
Either. Manual Underwriting or an AUS may be used.
True or False? Appraisals are typically required for Cash-out Refinance loans.
True
