Is A New Loan Required or Can The Existing Loan Be Used

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• Will Loan Modifications Count As A New Mortgage Loan

  Unlike a refinance, a loan modification doesn't pay off the current mortgage and replace it with a new one. Instead, it directly changes the conditions of the loan.

• How Often Can A Homeowner Refinance Their Loan / HELOC

  With conventional loans, one can often refinance immediately as there are no seasoning periods. For HELOCs and cash out refinances the seasoning period is typically 6-12 months.

• What Is The Minimum Income Required To Buy A House

  There is no minimum income required to purchase, rather it's proving to the lender that one receives sufficient recurring income to cover the loan payments. To find out how much house one's income can afford, visit this calculator to learn more.

• I Have Friend/Family That's A Banking Loan Officer - Can They Be Used

  No, because this is not just a 'loan' that makes this process work so well. Assume that and end up in big trouble. The software is virtually required to see the road map that lays ahead. Second, proper structure and timing of the mortgage is ...

• Can The Home Loan Be Recast To Lower Payment & Interest

  Yes. A loan recast is when the lender will reamortize the loan with the new (lower) balance. It is typically used when one has paid a lump sum toward the outstanding balance, in turn reducing the remaining monthly payments and interest. When a loan ...