Categories of Mortgage Refinancing

Borrowers take out mortgage loans primarily for one of two reasons- either to purchase a home or to refinance an existing property. In refinancing an existing property, three categories of property are possible, all of which can be refinanced for cash out or rate/ term reductions. These three categories are: Primary Residence: This is where the borrower lives. They reside here the majority of the time. Obviously, the borrower can only have one primary residence. This is the most frequently seen refinancing category seen by lending companies. Second Home: This can be a vacation home or a home for convenience. For instance, if a borrower wants to buy a beach or mountain home as a get-away spot for the family, it may qualify as a second home. It depends on the amount of View the rest of this article


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