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- Loan_purpose abstract "Loan purpose is a term in United States mortgage industry to show the underlying reason an applicant is seeking a loan. The purpose of the loan is used by the lender to make decisions on the risk and may even impact the interest rate that is offered. For example if an applicant is refinancing a mortgage after having taking some cash out, the lender might consider that an increase in risk and increase the interest rate that is offered or add additional conditions. Loan purpose is important to the process of obtaining mortgages or business loans that are connected with specific types of business activities.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 "641406799".
- Loan_purpose hasPhotoCollection Loan_purpose.
- Loan_purpose subject Category:Loans.
- Loan_purpose subject Category:Mortgage_industry_of_the_United_States.
- Loan_purpose comment "Loan purpose is a term in United States mortgage industry to show the underlying reason an applicant is seeking a loan. The purpose of the loan is used by the lender to make decisions on the risk and may even impact the interest rate that is offered. For example if an applicant is refinancing a mortgage after having taking some cash out, the lender might consider that an increase in risk and increase the interest rate that is offered or add additional conditions.".
- 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=641406799.
- Loan_purpose isPrimaryTopicOf Loan_purpose.