The Lady in Red, blatantly corrected her Popsie by spouting: "I believe that is only if it is a streamline loan where they are not getting cash out, just refinancing to get a lower interest rate."
Yes, I guess I should have been more clear and said, "with restrictions". (That's a common phrased used all too often by lenders.)
And, there is a very large "gray" area when refinancing a current mortgage with the same lender, as to whether or not it qualifies as a "streamline". Many lenders include any refinance within the past 8 years or so, as a streamline since they usually don't do a full loan application nor a title search. The laws governing whether or not a loan qualifies as a streamline is very vague (from what I've been told). |
