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- Loan_purpose abstract "Pertaining to mortgages and their risk based pricing factors, the loan purpose factor is sub-categorized by purchase, Rate & term refinance and cash-out refinance.Lenders assess that a purchase loan contains the least amount of risk and thus 'price' purchase loans most favorably (i.e. no interest rate increase or a risk-based pricing improvement in the order of .25%).Rate & term refinances are priced similar to purchase loans, with no interest rate increase. Cash received by the borrower at closing may not exceed $2000 to maintain rate & term status. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.Cash-out refinances are deemed to have a higher risk factor than either rate & term refinances or purchases due to the increase in loan amount relative to the value of the property. Risk-based pricing typically mandates a .25% to .5% increase in interest rate if a borrower needs to pull equity out of the subject property.".
- Loan_purpose wikiPageID "5774003".
- Loan_purpose wikiPageRevisionID "562436153".
- Loan_purpose hasPhotoCollection Loan_purpose.
- Loan_purpose subject Category:Loans.
- Loan_purpose subject Category:Mortgage_industry_of_the_United_States.
- Loan_purpose comment "Pertaining to mortgages and their risk based pricing factors, the loan purpose factor is sub-categorized by purchase, Rate & term refinance and cash-out refinance.Lenders assess that a purchase loan contains the least amount of risk and thus 'price' purchase loans most favorably (i.e. no interest rate increase or a risk-based pricing improvement in the order of .25%).Rate & term refinances are priced similar to purchase loans, with no interest rate increase.".
- Loan_purpose label "Loan purpose".
- Loan_purpose sameAs m.0f3w_p.
- Loan_purpose sameAs Q6663468.
- Loan_purpose sameAs Q6663468.
- Loan_purpose wasDerivedFrom Loan_purpose?oldid=562436153.
- Loan_purpose isPrimaryTopicOf Loan_purpose.