A cash-out refinance is when you unlock the equity in your home by refinancing your existing mortgage for more than what you owe. This will give you access to the equity to pay off high-interest debt, complete some home improvements, or help pay for college tuition.
You may make additional payments greater than the installment amount at any time without penalty. Additional payments are applied to your principal balance after all outstanding interest is satisfied.
Standard Payment Application: Payment is applied first toward any late fees, next to outstanding accrued interest then to the principal balance.
Partial Payments: Payments less than the required monthly installment amount are applied using the standard payment application. Payments less than the required monthly amount may cause your account to become delinquent. We may report information about your account to consumer reporting agencies. Late payments, missed payments or defaults on your account may be reflected on your credit report.
For information about how you can protect yourself, please visit the Laurel Road Bank Security Center here.
No, none of our product offerings have pre-payment penalties.
Typically, the appraisal report is available within seven business days from the inspection date.
Yes, our fees include underwriting, credit report, and flood-verification fees.
An appraisal is required because a mortgage is a secured loan. We need to verify the value of the collateral in order to determine if it is sufficient when compared to the loan amount.
We do offer second mortgages in certain cases; however, at this time we do not offer HELOC (Home Equity Line of Credit).