Although all real estate loans are financed along the same guidelines there are some differences in purchase money loans and refinance loans.Ironically some lenders will create a purchase as a refi, if you are in a lease option and have 12 months cancelled checks, you can potentially "refinance" the property based on appraised value and get a lower loan to value.
Some lenders will offer enhancements to the interest rate for new home purchases and higher down payments.
One of the biggest differences is there maybe loan to value reduction if you are planning to take money out on a refinance.
When you refinance their is a 3 day right of rescission period. Where as on a purchase, the transaction will fund that day.
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