Mortgage Refinance

A refinance is when a borrower pays off their current loan with a new loan.

A homeowner refinances their home either to achieve a lower interest rate and/or take cash out based on the equity they currently have in the home.

* The borrower agrees to pay back the loan at an agreed-upon interest rate for an agreed-upon duration

Purchase Loan

This is a transaction when a home buyer borrows money from a bank to purchase a home.

* The loan documents are essentially the same as a Mortgage refinance. Whether someone is borrowing money to pay off an old loan or borrowing money to purchase a house, they are still borrowing money.

Seller Package

This occurs when a homeowner sells their home.

* When a seller sells their home, there is paperwork that needs to be signed and usually one or two documents that will need to be notarized.

HELOC (Home equity conversion lines of credit)

This a line of credit tied to the equity of a borrower's home.

* For instance, if the borrower's home is worth $500,000 and their current mortgage is only $200,000 that means the homeowner has $300,000 in equity. In this example, a homeowner could ask a lender to give them a line of credit against their home for $100,000 of the $300,000 of equity that they have. This gives the homeowner access to money for a rainy day, home renovations, etc.

Reverse Mortgage

Reverse mortgages are loans where a homeowner, 62 years or older, converts their home equity into cash income with no mortgage payments.