A cash-out refinance is a mortgage option that takes advantage of the equity you’ve built over time and gives you cash in exchange for taking on a larger mortgage.
A no-cash-out refinance is a mortgage option that refinances your existing mortgage for equal to or less than the existing mortgage balance.
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Should I Refinance My Mortgage? When you secure a residential mortgage to purchase a home, the loan term is typically for 15 or 30 years. Although the duration of your home loan might be for 30 years, that doesn’t mean that you will necessarily have your loan for that long. If interest rates drop or […]
Read MoreYou have just spent months searching for a home in a chaotic housing market. You have purchased the perfect home, and you’re finally all settled in. Then, you received a notice that Traditions Bank has sold your mortgage to another financial institution. Why on earth would we do that? Reasons Your Mortgage Could be Resold […]
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