Definitions:

Property Value: The current market value of the property you are looking to refinance.

Credit Score: A score that represents your creditworthiness, typically between 300-850, and used by lenders to assess your ability to repay a loan. Your credit score is a significant factor in a lender's decision to extend a loan and under what terms. Typically higher credit scores result in more favorable loan terms.

Property Type: The type of structure of the property (e.g. Single-family Detached, Condo, Coop, etc.). Interest rates vary based on the type of structure. Single-family residences typically have lower rates.

Property Use: The primary use of the property (e.g. Primary Residence, Second Home, etc.). Interest rates and loan types will vary based on the property use. Primary residences typically have lower interest rates.

Current Mortgage Balance: The amount you owe on the principal of your current or first mortgage (excludes interest and other fees).

Second Mortgage Balance: The amount you owe on the principal of your second mortgage (excludes interest and other fees).

Cash Out: Any additional cash you plan to borrow against your home’s equity in excess of the existing mortgage balance(s) and loan settlement costs at the time of refinancing. Cash out may be used to pay off additional, non-mortgage expenses or otherwise to extract liquid cash from the equity in your home.

VA Loan: A type of loan guaranteed by the US department of Veteran Affairs that offer qualified Active Military Service Members, Veterans, and their surviving spouses long-term financing on a primary residence. Borrowers must provide a certificate of eligibility that establishes their military service to the lender to qualify for a VA loan.