Cash Out Refinance

Cash out refinance refers to when equity is liquidated from a property above and beyond sum of the payoff of existing loans held in lien on the property, loan fees, costs associated with the loan, taxes, insurance, tax reserves, insurance reserves, and in the past, any other non-lien debt held in the name of the owner being paid by loan proceeds. Cash out refinance occurs when a mortgage is taken out on property already owned, and the loan amount is above and beyond the cost of transaction, payoff of existing liens, and related expenses.

The PhysicianHomebuyer.com provides a specialized mortgage financing program for physicians, for buying or refinancing a primary residence. This program is specific, because, there are no and low down payment options available and there is no Private Mortgage Insurance (PMI). This converts into lower payments, and the ability to obtain financing that is not available to the general borrowers.